Standard & Poor’s on Tuesday raised its rating on Watauga County’s general obligation bonds to AA-minus from A-plus. The upgrade, and a stable outlook, affect $11.5 million of outstanding GO debt and reflects strong growth in the tourism sector, continued development of the county’s residential base, the county’s healthy local economy anchored by Appalachian State University, and historically low levels of unemployment, as well as successful ongoing management of its strong financial position.“Ongoing residential development over the next decade … will further strengthen the already healthy tourism and residential sectors, as reflected in the stable rating outlook,” Standard & Poor’s analyst Linda Yip said. “Despite the increase in development over the next few years, we expect that management will be able to continue to maintain the county’s strong financial position as it addresses any arising capital needs.” Watauga County is located in the Blue Ridge Mountains of western North Carolina, bordering Tennessee. The county’s population has experienced slow growth over the past six years, increasing just 1.7% to an estimated 43,406 in 2006.Watauga’s unemployment rate of 2.3% remains lower than both state and national averages. A recent property revaluation for fiscal 2007 increased the county’s tax base by about 31.2% to an estimated $7.7 billion, which represents a high per capita value of $177,222, Yip said.
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Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
April 25 -
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
April 25 -
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
April 25 -
Photos from The Bond Buyer's Texas Public Finance conference.
April 25 -
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
April 25 -
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
April 25