This month, Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AAA' from 'AA+' on the Downtown Smyrna Development Authority’s general obligation (G.O.) debt.The rating is based on the city's continued economic expansion as well as the application of S&P’s local G.O. criteria released in September 2013.
According to the S&P report attached with this article, the stable outlook is reflected by S&P’s anticipation that the city will maintain its very strong financial profile, as indicated by its very strong liquidity and budgetary flexibility.
“The level of fiscal responsibility and attention to detail and community management that results in achievement of an S&P AAA Bond rating is shared at all levels of City of Smyrna government and has been our goal and practice for decades, over multiple election terms, said Mayor Max Bacon, who broke the news at Monday’s City Council meeting.
“We hope that our citizens and the businesses in our community understand the dedication we all share and apply to every element and action required in managing public funds, organizational performance and community development that has helped Smyrna achieve this rating,” added the mayor.
In brief, the rating reflects S&P’s assessment for the city because among things, it considers the city's economy to be strong, the city's budgetary flexibility to be very strong, the city has strong access to external liquidity, the city's management is strong with good financial practices, and the city's debt and contingent liability profile is adequate.