North Carolina municipalities such as Asheville and Blowing Rock and communities in Tennessee may see a credit downgrade in the wake of Hurricane Helene, S&P Global Ratings said in a report on Thursday.
The company placed the rating of a dozen municipalities on CreditWatch with negative implications. All have investment-grade ratings — the city of Asheville has a AAA mark. The storm unleashed flooding across the US South late last month.
S&P said it wasn’t worried about disruptions to debt payments, but “potential long-term implications could impair credit quality.”
Bloomberg Markets
By Amanda Albright
October 17, 2024