S&P Raises City of Staunton Bond Rating

By: WHSV Newsroom
By: WHSV Newsroom

STAUNTON, Va. -- Standard & Poor’s Ratings Services (S&P) recently raised the City of Staunton’s bond rating on the city’s general obligation debt from “A+” to “AA-.” At the same time, S&P affirmed its stable outlook of the city’s rating. The highest rating available is a "AAA," which cannot be modified with at plus or minus.

Mayor Lacy B. King, Jr. credited his City Council colleagues and city staff for the rating upgrade. “City Council, ably assisted by City Manager Steve Owen and Chief Financial Officer Jeanne Colvin, has approached the city’s fiscal management thoughtfully and in a disciplined manner. S&P’s new rating of the city’s debt reflects those efforts.”

The change in the city’s rating resulted from S&P’s application to municipal issuers of its new credit rating criteria, published last year. Colvin and her staff worked diligently in the months preceding the rating announcement to furnish information to S&P in support of the higher rating.

In its rating summary, S&P noted “the maintenance of the city’s historically stable financial position and strong reserve levels and moderate debt levels.”

WHSV.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, no links, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
50 North Main Street Harrisonburg, VA 22801 540-433-9191 - Switchboard 540-433- 4028 - Fax 540-433-2700 - News Fax

WSVF Public Inspection File

Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 261675681 - whsv.com/a?a=261675681