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.
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.”