Pickett County, TN GO Rating Raised To #A+# On Improved Unemployment And Income Metrics

Stocks and Financial Services Press Releases Friday July 14, 2017 09:24
CENTENNIAL--14 Jul--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) July 13, 2017--S&P Global Ratings raised its underlying rating (SPUR) to 'A+' from 'A' on Pickett County, Tenn.'s existing general obligation (GO) bonds. The outlook is stable.

"The rating action reflects our opinion of the county's improved economy, reflected by material decrease in the unemployment rate and increased median income and wealth metrics," said S&P Global Ratings credit analyst Joyce Jung. "The rating action also reflects our opinion of the county's improved budgetary flexibility, with an increase in available reserves to a level above what we consider nominally low," Ms. Jung added.

The stable outlook reflects our view that the county's tax base will continue to expand and that the additional revenue will enable the county to maintain its strong budgetary flexibility and strong liquidity. As such, we do not expect to change the rating during our two-year outlook period.

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