...August 10, 2023 NEW YORK (S&P Global Ratings) Aug. 10, 2023--S&P Global Ratings raised its rating on Elizabethton, Tenn.'s general obligation (GO) debt to '##-' from 'A+'. The outlook is stable. "The upgrade reflects the combination of sustained robust financial performance and a strengthening regional economy," said S&P Global Ratings credit analyst Tiffany Tribbitt. The stable outlook reflects our expectation the city will maintain reserves at levels we view as credit supportive, particularly when including additional restricted reserves that further support its financial flexibility to meet any unforeseen challenges. These restricted reserves included a further $4.2 million of funds in fiscal 2022. Although unexpected given the city's track record of adjusting expenditures in times of pressure, if revenues declined due to rising costs for residents and the city materially decreased its reserves, we could lower the rating. Over time, if the local economy continues to improve, particularly...
