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Shelby County Debt "AA" as Area Considers New Basketball Arena

MEMPHIS, TN- The Fitch rating is on the county's $157.75 million 2001 Series A general obligation refunding bonds which are being used to retire short-term bond anticipation notes and commercial paper issued in 1999 and 2000.

By Mark Clothier | Updated on December 03, 2001

MEMPHIS, TN-Shelby County’s $157.75 million 2001 Series A general obligation refunding bonds has received Fitch’s “AA” rating. Fitch also affirmed the same ranking to Shelby’s outstanding debt.

The county’s financial position has recovered from budget difficulties in the late 1990′s tied to unpredictable state reimbursements for prisoner housing.

A new Memphis Sports Authority would add debt to construct 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 apiece toward construction of the arena.

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