Cleveland Gets an A-Plus

Standard & Poor’s upgraded the underlying rating it assigns Cleveland to A-plus from A. The action applies to the Tennessee city’s general obligation debt, and is based on a historically very strong financial position and continued economic expansion, according to the ratings report.

At the same time, Standard & Poor’s assigned an A-plus underlying rating to Cleveland’s existing GO debt issued by the Blount County Public Building Authority and the Sevier County Public Building Authority.

Stable outlooks are in place.

Cleveland’s management expects to end fiscal 2008 with break-even operations and is budgeting for similar results in 2009. The city’s financial position remains solid, especially considering the high level of services provided at the local level, and fiscal 2008 tax rate remains very competitive, analysts said.

The city is located the north of ­Chattanooga.

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