S&P raises City of Staunton bond rating

staunton2editsStandard & 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.”

uva basketball team of destiny

Team of Destiny: Inside UVA Basketball's improbable run

Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25.

The book, with additional reporting by Zach Pereles, Scott Ratcliffe and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018, and how coach Tony Bennett and his team used that loss as the source of strength, through to the ACC regular-season championship, the run to the Final Four, and the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

augusta free press


%d bloggers like this: