Summary: Pigeon Forge, Tennessee; General Obligation

S&P Global Ratings assigned its 'AA' rating to Pigeon Forge, Tenn.'s roughly $10 million series 2023 general obligation (GO) bonds. S&P Global Ratings also affirmed its 'AA' rating on the city's existing GO debt. The outlook is stable. The city's unlimited-faith-and-credit pledge secures the series 2023 bonds and existing debt. Officials intend to mainly use series 2023 bond proceeds to extend and replace existing water-and-sewer lines. Pigeon Forge, about 45 minutes southeast of downtown Knoxville, has a year-round population ranging between 6,500 and 6,600 and an economy that centers on tourism due to its access to the Great Smoky Mountains. The city is home to several major Tennessee attractions, such as Dollywood and the Titanic Museum. Tourism has been thriving

...Most recent --Historical information-- 2022 2021 2020 Weak economy Projected per capita effective buying income (EBI) (%) of U.S. 71.9 -- -- -- Market value per capita ($) 430,123 -- -- -- Population -- 6,569 6,501 6,578 County unemployment rate(%) -- 3.2 -- -- Market value ($000) 2,825,479 2,731,833 2,962,792 10 leading taxpayers as a % of taxable value -- 45.4 -- -- Strong budgetary performance Operating fund result as a % of expenditures -- 56.1 38.9 (13.0) Total governmental fund result as a % of expenditures -- 69.3 41.6 8.1 Very strong budgetary flexibility Available reserves as a % of operating expenditures -- 227.7 172.5 109.9 Total available reserves ($000) -- 132,578 98,040 74,608 Very strong liquidity Total government cash % of governmental fund expenditures -- 193.8 136.4 87.5 Total government cash % of governmental fund debt service -- 1,729.1 1,147.7 685.3 Adequate management Financial Management Assessment Standard Adequate debt and long-term liabilities Debt service as a...

Summary