Cherokee Nation Maintains High Credit Rating
A recent Fitch Ratings report revealed the Cherokee Nation has a high credit rating, practices "careful and conservative governmental financial management," can "manage any cash flow issues," and keeps “ample general fund reserves.” The agency shares credit opinions of organizations with investors around the world, reported a Cherokee Nation press release.
Fitch Ratings commended the Nation’s diversification efforts in creating and growing its non-gaming businesses, such as health care and information technology.
The agency periodically reviews the Nation’s credit, adjusting its rating based on current conditions, said Cherokee Nation treasurer Callie Catcher.
“The Fitch affirmation of the Nation’s credit rating is especially gratifying considering the tough economic times we have seen over the past two years,” said Catcher in the press release. “The Nation continues to grow and has a strong financial foundation thanks to the leadership of the chief and Tribal Council.”
The nation's 2011 budget, which began October 1, 2010, represented a small decrease in funding, according to a Cherokee Nation news release.
Last November the Government Finance Officers Association praised the nation's financial reporting, transparency and accountability for the ninth consecutive year.