Business

City's fiscal strength earns rating upgrade

By Bill Moss, Published: September 27, 2014

A financial service has upgraded the fiscal strength rating for the city of Hendersonville based on its cash reserves, ability to repay debt and secure lower interest rates for borrowing.

Standard & Poor Ratings Service increased the city's rating on Sept. 17 from AA-minus to AA.
"The City of Hendersonville's outlook is stable, and the management conditions are adequate with standard financial management practices, under our Financial Management Assessment methodology," Standard & Poor said. The city's  reserves of more than 60 percent of its operating expenditures in fiscal year 2013 was a factor in the upgrade.
The city's stable economy, strong budgetary flexibility and liquidity also influenced the improved measurement.

The city is "very pleased with the rating upgrade, and says it is a sign that things are looking up in Hendersonville," Finance Director Lisa White said, attributing the upgrade to "an improved and growing local economy along with City Council and management's emphasis on effective management of taxpayer's money."