New York, July 15, 2024 -- Moody's Ratings (Moody's) has upgraded the City of Clinton, TN's issuer rating to Aa3 from A1. The issuer rating reflects the city's credit quality and ability to repay debt and debt-like obligations without consideration of any pledge, security, or structural features. The city has approximately $10.2 million in outstanding debt as of fiscal 2023.
The upgrade to the Aa3 issuer rating reflects the city's modest and declining leverage profile, stable financial position and a growing local economy in proximity to a regional economic hub.
RATINGS RATIONALE
The Aa3 issuer rating reflects the city's solid and stable financial position which continues to modestly improve. As of fiscal year-end 2023, the city had an available fund balance of $32.4 million or a solid 26.4% of revenue. The city's overall unrestricted reserves have increased $5.4 million since 2020 largely due to the receipt of American Rescue Plan Act funding, outperforming local and state sales tax revenues and.........
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