(WBIR-Knoxville) Knox County's financial standing is looking bright, as Standard & Poor's upgrades the county's financial outlook from stable to positive.
According to a release sent by the Knox County Mayor's Office, both Moody's and S&P affirmed Knox County's strong bond ratings of Aa1 and AA+.
S&P went a step further by upgrading the county's financial outlook from stable to positive, indicating Knox County is approaching a AAA rating.
Knox County Mayor Tim Burchett said this is proof the county is managing its financials well.
"As cities like Detroit are filing for bankruptcy, and Washington politicians are refusing to deal with the federal government's financial issues, Knox County is operating in a conservative, fiscally responsible manner," said Mayor Burchett in a statement. "This news from our ratings agencies is proof that we're doing the right things: paying down debt, addressing our pension liabilities, maintaining strong reserves and controlling government spending - all while continuing to provide great service to Knox County citizens."
Not only is a strong rating good for Knox County, it's also great news for local businesses.
"Bond ratings aren't something only accountants look at," explained Knoxville Chamber President and CEO Mike Edwards. "A strong bong rating sends a message to existing and prospective businesses that Knox County isn't going to have to increase their taxes to make up for poor fiscal management.
S&P and Moody's evaluate and rate the financial management of many local, state and federal governments each year.