City of Alexandria Achieves Top Ratings From Bond Agencies

The country's top credit rating agencies have again recognized the City of Alexandria's stellar credit and financial management by giving the City the highest bond. In the final week of September, S&P Global Ratings and Moody's Investors Service have reaffirmed the City's top bond ratings of 'AAA' and 'aaa,' respectively, for the 32nd consecutive year, allowing the City to continue achieving low interest rates.

"We are very proud that the City has once again been recognized for its strong policies and the culture of prudent long-term planning that governs our financial operations," said Mayor Justin Wilson.

In its credit highlights, S&P Global cited "well-embedded, robust policies that govern Alexandria's budgeting and reporting practices, and a culture of long-term planning." Moody's credit analysis attributes the stable outlook to "comprehensive fiscal policies" and a high likelihood that the City will maintain its strong financial position given growing revenues and conservative budgeting practices supported by a sizeable local economy that should continue to expand and diversify.

The City of Alexandria has maintained its top grades from both major bond rating agencies since 1992, which helps the City pay low interest rates on bonds issued to fund major projects. Later this year, the City will issue $116.5 million of tax-exempt general obligation bonds to fund capital improvement projects. Significant projects include the renovation of George Mason Elementary School, the next phase of the Waterfront Improvement Project, the initial work to renovate Alexandria City Hall, and infrastructure improvements for the redevelopment of the West End, previously Landmark Mall.

S&P Global Ratings rated the City's general obligation bonds "above the sovereign," because "the city can maintain better credit characteristics than the U.S. (government) in a stress scenario."

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