Cookeville’s Bond Rating Upgraded

Cookeville received some big financial news recently as Moody’s Investors Services upgraded Cookeville’s issuer rating and outstanding general obligation bonds. Finance Director Brenda Imel said Moody’s upgraded the rating to a Aa2 rating from the previous rating of Aa3.

“Basically this new increase in the rating is a testament to the entire management of the city and also the economy as a whole,” Imel said. “Our economic team has been working diligently to raise up the economy as a whole, bringing in new manufacturers and employers in and I think Moody’s was really impressed with what we have been doing to increase that tax base.”

Imel said the goal is to not only maintain the new rating, but also to improve it.

“One thing that Moody’s noted, was where we could improve is overall per capita income for the area,” Imel said. “We have been working diligently with the area trying to create an atmosphere where businesses and manufacturers want to come here and employee our people.

Imel said the city will be trying to improve that even more in the next bond issue.

The general obligation bonds have financed the construction of Tennessee Avenue, the roadway connecting the new fifth interchange to Interstate 40 to State Route 70, and the purchase of a new fire truck.