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Article: Fitch Rates Johnson City, Tennessee's $172.6MM GOs 'AA-'; Outlook Stable.
- Article from:
- Business Wire
- Article date:
- July 9, 2008
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NEW YORK -- Fitch Ratings has assigned an initial 'AA-' rating to Johnson City, Tennessee's (the city) approximately $172.6 million of outstanding bonds secured by a general obligation (GO) of the city. The Rating Outlook is Stable.
The 'AA-' rating reflects the city's sizeable reserve levels, moderate debt levels and the stability of several prominent local employers. Conservative budgeting practices have contributed to strong general fund balance levels, and several economic developments should help bolster the local economic base during the current, broader economic downturn. A key rating concern is the city's relatively high level of variable-rate debt, which ...