The county's financial position has recovered from budget difficulties in the late 1990s tied to unpredictable state reimbursements for prisoner housing.
A new Memphis Sports Authority would add debt with the construction of an arena to house the Memphis Grizzlies, the city's new professional basketball team. Although plans are still preliminary, the county and the city of Memphis are likely to contribute about $12 million each for the arena.
Fitch's rating outlook remains stable, the company says in a prepared analysis. The bonds will mature on April 1, 2003 through 2024, and will be subject to call on and after April 1, 2011.
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