CLEVELAND, Tenn. — Bradley County Mayor D. Gary Davis said this week the county’s bond rating has been upgraded by Moody’s Investors Services from A1 to Aa2.
Mr. Davis said Moody’s cited Bradley County’s history of conservative budgeting, increased reserves, sizable debt service fund reserves, stable tax base and manageable debt burden. The rating incorporates a very low risk of default, he said.
“It was less than two years ago when our credit rating was upgraded by Standard & Poor’s Ratings Services to AA,” Mr. Davis told county commissioners. “Now we have achieved our highest ratings every with this upgraded Aa2 rating from Moody’s.”
The county’s investment banker, Joe Ayres, managing director of Cumberland Securities, said in a news release that the upgrade puts Bradley County in a new category for investors.
He said more investors will be willing to buy county bonds, which means the county can pay lower interest rates.
Also this week, County Finance Director Lynn Burns was recognized for receiving the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.
The award is for the 2008-09 fiscal year. Ms. Burns and her staff received the same award for the current year.
County Commissioner Jeff Yarber commended Ms. Burns and her staff for the achievements. He said their work often becomes a political lightning rod.
“So this is a nonpolitical congratulations,” Mr. Yarber told her.
County finances have become a campaign issue in the Republican primary race for county mayor.
Mr. Davis is seeking re-election. Challenger Lisa Stanbery, a county commissioner, has called for more transparency in the mayor’s office. Candidate Chris Weir has said the award is from an organization to which the county pays dues.
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