Arise, Knightdale, as AA

Standard & Poor’s upgraded the underlying rating on Knightdale’s general obligation bonds to AA from A-plus, reflecting the town’s growing and diversifying tax base and solid financial performance. The outlook is stable.

The new rating reflects Knightdale’s location near Raleigh in the greater Research Triangle area, analysts said. The proximity allows it to participate and benefit from the area’s deep and diverse economic and employment base.

Standard & Poor’s said that Knightdale’s economic base will continue to diversify and expand and that the town will maintain its sound fiscal position. It noted favorable debt levels and limited capital needs.

 

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