Crossville, TN – October 21, 2024-The City of Crossville is pleased to announce that its AA credit rating has been upgraded from stable to positive by S & P Global Ratings, reflecting the City’s strong financial management, robust economic growth, and commitment to fiscal responsibility.

“This upgrade is a significant milestone for Crossville, as it will further facilitate the City’s Economic and Community Development efforts to improve life for its citizens, and a higher credit rating will allow the City to do even more for its citizens in the future”, according to Crossville Mayor R.J. Crawford.  “The upgrade underscores the City’s solid financial foundation and its ability to meet financial obligations.”

“We are grateful and humbled with this acknowledgement of our hard work and dedication to responsible financial management,” said Crossville Mayor R.J. Crawford. “This upgrade not only reflects our current outstanding financial health but also positions us for future growth and investment. We are committed to maintaining this positive trajectory and ensuring Crossville remains a vibrant community for all its residents.”

S & P Global Ratings attributed their revision to several key factors, including:

– Strong Financial Management: Crossville has implemented effective fiscal policies and practices that have resulted in consistent budget surpluses and healthy reserve levels.

– Economic Growth: Crossville has experienced a steady increase in economic activity, driven by diverse revenue streams and a growing population, which has contributed to the City’s overall financial stability.

– Proactive Planning: The City has demonstrated a proactive approach to long-term planning and investment in infrastructure, ensuring sustainable growth for years to come.

The AA-Positive rating will not only enhance the City’s financial position, but allow Crossville to invest more in essential services and infrastructure improvements that benefit the community and its residents.

The rating and positive outlook was also assigned to The Sports Authority of the City of Crossville, Tennessee, enabling the Authority to issue bonds with the strength of the City’s credit rating for the Crossville Family YMCA.

“The S&P Global Ratings position reflects a new and exciting future for all generations that now and will call Crossville home.” said Valerie Hale, Crossville City Manager. “The new Crossville Family YMCA fitness and recreation center will be a gateway to our downtown area, transforming Main Street into a regional epicenter destination. The upgrade to our credit outlook raises the credit position of Crossville to the highest level in history so far and the best is yet to come.”

The City of Crossville remains committed to maintaining its high standards of financial integrity and transparency, ensuring that it continues to be a leader in fiscal responsibility within the region.