Asheville Gets Top AAA Credit Rating from S&P Global

Standard & Poor's Global Ratings upgraded Asheville's credit rating on June 11, affirming the city's financial strength following Hurricane Helene.

S&P affirmed the city's AAA long-term rating on general obligation debt and upgraded special obligation bonds to AAA, the highest possible rating. The agency also affirmed the AA+ rating on lease obligation bonds and revised the outlook to stable.

S&P cited Asheville's financial reserves and recovery in occupancy and sales tax revenues. The agency noted the city has identified strategies to address a projected budget gap for fiscal year 2027 through expense reductions and potential revenue adjustments.

"This recognition reflects the City's disciplined financial management and the steady progress we've made in recovery and stabilization since Helene," said Tony McDowell, Finance and Management Services Director.