Chattanooga Mayor Andy Berke
Chattanooga's credit rating for its existing general obligation bonds was upgraded from a AA+ credit rating to AAA, the highest possible rating assigned to bonds.
The Standard & Poor's Ratings Services upgraded the Scenic City credit rating, which means the city will get lower interest rates on their loans.
"This rating increase is the result of the efforts of so many employees who work tirelessly to provide excellent service at the lowest cost to Chattanoogans," said Mayor Andy Berke in a prepared statement. "This rating demonstrates our commitment to being responsible with every dollar to make the biggest impact for the city."
In addition, Standard & Poor's raised its long-term rating on Chattanooga's appropriation debt from AA to a AA+ credit rate.
In their summary, Standard & Poor's cited Chattanooga's strong economy and that the fiscal 2014 budget is balanced.