Continuing a decades-old trend, the city of Charlottesville has maintained the highest bond rating given to municipalities by financial agencies Standard & Poor’s and Moody’s, officials announced Thursday.
The ratings are intended to assess an entity’s ability to manage debt, and higher ratings lead to stronger borrowing power and lower interest rates.
“We are fortunate to be one of just five localities, and the only city, in the state of Virginia to receive AAA/Aaa-stable ratings from Standard & Poor’s and Moody’s,” said City Manager Maurice Jones. “Our city has managed to remain in a strong financial position despite the sluggish national economy. We believe that positions us well for the future as the economy improves.”
The city has been rated Aaa by Moody’s since 1973. Standard & Poors has rated the city AAA since 1964.
Albemarle County earned the same ratings in November, putting them among less than 90 counties nationwide to earn the highest designation.