All Three Major Credit Rating Services Have Increased City’s Rating Since 2008
KNOXVILLE – Led by Knoxville Mayor and Republican gubernatorial candidate Bill Haslam and his conservative fiscal principles, Knoxville has seen its credit rating increased by all three major credit rating services since 2008.
The revelation, accompanied by Haslam’s new Knoxville budget proposal and an endorsement by U.S. Rep. John J. Duncan Jr., R-Tenn., is yet another indication that Haslam is the only true fiscal conservative in the Republican gubernatorial primary.
Last week the Fitch Rating Service upgraded Knoxville’s rating to AAA, the highest rating possible from the agency, and in April, Moody’s Investors Services raised its rating of Knoxville to Aa1, the second highest rating available.
Standard & Poor’s rated Knoxville an AA+ in March 2008 because the company believes Knoxville officials will sustain the city’s strong financial performance and position. Upgrades mean Knoxville could borrow money at a lower interest rate and more investors might be interested in purchasing city bonds.
A hardworking, conservative public servant, Mayor Haslam led Knoxville to become one of the top ten metropolitan areas for business and expansion, while reducing the city’s debt, tripling the rainy day fund, and bringing property taxes to the lowest rate in more than 50 years.
On April 30, Haslam introduced his proposed Knoxville city budget for 2010-2011, the third consecutive budget he’s submitted that is lower than the previous year. His budget proposal totaled $26 million, 9.5 percent lower than 2008’s presented budget, and the city currently has the lowest amount of employees in 15 years.
Duncan, who was also named an Honorary Campaign Co-Chairman of Haslam’s bid for governor, offered his first ever endorsement in a Republican statewide primary to Mayor Haslam, and he said Mayor Haslam was an “authentic fiscal conservative.”
“Tennessee faces big challenges, and I’m 100 percent committed to bringing the type of financial strength to the state that we’ve managed to bring to Knoxville,” Haslam said. “I think it matters to have someone in charge who has been in charge before, and as the only Republican candidate for Governor with executive experience in the public and private sector, I have the proven record of making the tough decisions, reducing the size of government while continuing to deliver essential services, and making Knoxville stronger.”
Mayor Haslam is the two-term Republican Mayor of Knoxville, reelected in 2007 with 87 percent of the vote. An executive leader with a proven record of success, he helped grow his family’s small business from 800 employees into one of Tennessee’s largest companies with 14,000 employees. | 
