Summary: Elizabethton, Tennessee; General Obligation

S&P Global Ratings raised its rating on Elizabethton, Tenn.'s general obligation (GO) debt to 'AA-' from 'A+'. The outlook is stable. The upgrade reflects the combination of sustained robust financial performance and a strengthening regional economy. Elizabethton's full faith and credit pledge, including an unlimited ad valorem tax levy on all taxable property within corporate city limits, secures the GO bonds. Elizabethton has about $47 million in total debt outstanding as of June 30, 2022, a substantial portion of which is supported by the city's utility funds. The rating reflects Elizabethton's extremely strong financial position, supported by three years of budget surpluses and another anticipated for fiscal 2023 along with sound financial management policies and practices. The city weathered the

...Most recent Historical information 2022 2021 2020 Strong budgetary performance Operating fund result % of expenditures 11.5 17.5 9.4 Total governmental fund result % of expenditures 8.7 19.5 5.1 Very strong budgetary flexibility Available reserves % of operating expenditures 47.6 43.3 29.2 Total available reserves ($000) 8,860 7,581 4,717 Very strong liquidity Total government cash % of governmental fund expenditures 143 154 130 Total government cash % of governmental fund debt service 2,184 2,117 1,845 Strong management Financial Management Assessment Good Very strong debt & long-term liabilities Debt service % of governmental fund expenditures 6.5 7.3 7.1 Net direct debt % of governmental fund revenue 47 Overall net debt % of market value 1.2 Direct debt 10-year amortization (%) 77 Required pension contribution % of governmental fund expenditures 6.0 OPEB actual contribution % of governmental fund expenditures 0.1 Very strong institutional framework EBI--Effective buying income. OPEB--Other...

Summary