FOR IMMEDIATE RELEASE
May 30, 2023
City of Charlottesville receives AAA Bond Rating
CHARLOTTESVILLE, VA – The City of Charlottesville has again received the highest rating from both S&P Global Ratings and Moody’s Investor Services.
S&P Global Ratings and Moody’s Investor Services have reaffirmed the City of Charlottesville’s AAA/Aaa bond ratings (the highest ratings obtainable). In May 2023, the rating agencies conducted an unbiased and thorough assessment of the City’s credit-worthiness. A government’s bond rating evaluates the City’s ability to repay its debt in full and on time. Bond ratings of AAA/Aaa are attractive to investors because it is a strong indicator of low risk of default which results in the City being able to borrow at the lowest possible interest rate. This means the City can spend more of its money on improving infrastructure and less on interest.
Both rating agencies cited several key factors in assessing the City’s creditworthiness:
- A strong and growing economy anchored by a stable institutional presence.
- Strong and comprehensive financial policies and practices.
- Sound budgetary performance with adequate financial flexibility.
- Manageable debt burden.
“The City is honored to have once again received the highest bond ratings possible by both Moody’s and S&P,” said Interim City Manager Michael Rogers. “The ratings reflect the hard work and commitment of staff and City Council to make sure the City’s financial outlook remains strong and stable.”
Moody’s has rated Charlottesville Aaa since 1973 and S&P Global has rated the City AAA since 1964.
Media Contact
David Dillehunt
Deputy Director of Communications & Public Engagement
City of Charlottesville
434-970-3114
dillehunt@charlottesville.gov
