Monteagle, TennesseeThe town of Monteagle, Tenn., received an “A” rating from Standard & Poor’s Investors Services, locking in $100,000 in debt service savings over the next 15 years, Mayor Marilyn Campbell Nixon said in a news release.
Standard & Poor’s also gave Monteagle a “stable” outlook, she said.
“The assignment of the town’s ‘A’ bond rating is a significant milestone for the town, especially during this ongoing national economic recession,” Nixon stated. “This is the first official credit rating the town has been assigned, and it is important to me and our community to have such a strong and credible sign of our hard work and our promising future.”
In the release, she touted the town’s “solid financial position including a high general fund balance as a percent of operating expenditures, the extremely strong market value per capita, and “good” financial management practices under their Financial Management Assessment methodology.”
Morgan Keegan Senior Vice President C.L. Overman, Monteagle’s investment banker, stated that Monteagle’s bond rating “puts the town in a new category as it relates to investors” and “expands the number and type of investors willing to invest in the town’s bonds and ultimately results in lower interest rates and therefore significant savings for the taxpayers of the town.”