Moody’s ups Knoxville’s credit rating

For those who track these things, the city of Knoxville’s credit rating was boosted today to Aa1 from Aa2 by Moody’s Investors Service, the city announced.

That’s the second highest rating available and “the third year in a row that one of the three major bond rating agencies — which provide information to investors — has either upgraded or affirmed the city’s credit rating, the release says.

The rating also gives Mayor Bill Haslam a little ammunition for his campaign for the Republican nomination for governor.

The credit rating is “reflective of the city’s financial stability” and a result of a “lot of hard work by the administration and City Council to manage our resources carefully in a very difficult economic climate,” Haslam says in the release.

Haslam also notes release that the city’s fund balance, or savings account, has increased to $52.3 million, a big jump from the $18.5 million fund balance when he took office in 2003.

Read the full release here.