For the second month in a row, the city of Knoxville has gotten good news from one of the major credit rating agencies.
Fitch Rating Service has raised the city’s rating to AAA, the highest rating offered by Fitch. The city’s previous rating was Aa+.
This AAA rating “apparently marks the first time that the City of Knoxville has ever held the highest rating from one of the major bond rating agencies,” according to the press release.
Fitch Ratings has upgraded Tennessee’s bond credit rating to AAA from AA, Sen. Randy McNally (R- Oak Ridge), chairman of the Senate finance committee, said today.
“This is not an upgrade for Tennessee relative to its peers in state government,” McNally told the Senate. “However, it is a more favorable rating as compared with non-governmental debt issuers, including those in the private sector.”
The rating is an assessment of the credit worthiness of the government’s debt issues.