The Berke Administration Monday announced Standard & Poor's Ratings Services upgraded its rating on the city of Chattanooga’s existing general obligation bonds to 'AAA.' This favorable rating was applied to both the long-term rating and underlying rating and was upgraded from the previous 'AA+' rating.
“This rating increase is the result of the efforts of so many employees who work tirelessly to provide excellent service at the lowest cost to Chattanoogans,” said Mayor Andy Berke. “This rating demonstrates our commitment to being responsible with every dollar to make the biggest impact for the city.”
In addition, Standard & Poor's raised its long-term rating and SPUR to 'AA+' from 'AA' on Chattanooga’s appropriation debt and assigned a 'AAA' long-term rating to city’s series 2013 GO bonds.
“While this is great news for Chattanooga, we must continue to be vigilant in our efforts to use tax payer dollars wisely," said Mayor Berke. "By incorporating innovative solutions throughout government, we will proactively address and work to avoid the important financial challenges facing cities across the county."
In their summary of the city of Chattanooga’s appropriations and obligations, Standard & Poor’s described Chattanooga’s strong economy and strong budgetary performance, noting that the “fiscal 2014 budget is balanced.”