City's AAA bond rating reaffirmed for sixth time

Mon, 10/18/2021 - 09:30

S&P Global Ratings has affirmed the AAA rating on the City of Winchester’s General Obligation Debt. The S&P AAA rating was first assigned on October 7, 2013 and this is the sixth time the rating has been reaffired. The City of Winchester is one of only twelve cities in Virginia to maintain the prestigious AAA S&P General Obligation rating. 

S&P evaluates economy, financial position, long-term liabilities, and management when determining an issuer’s credit rating. S&P’s recent ratings report cites: “The “AAA rating continues to benefit from the City’s very strong reserves, very strong management team with well-embedded financial management policies, and robust economy that continued to expand despite the pandemic.” 

The City’s Financial Advisor, Kevin Rotty a Managing Director with PFM Financial Advisors states, "Winchester City Council and senior leadership have done a tremendous job in establishing the solid financial foundation needed to both obtain and maintain the prestigious AAA bond rating.  As a result, the City is able to access the capital markets at the lowest cost of borrowing which saves its citizens money."  

“I’m extremely proud of the City and our team for maintaining this rating. It’s a testament to our strong economy and management,” City Manager Dan Hoffman said.

The City is planning of selling approximately $11.8 million of General Obligation bonds at the end of October to fund various capital projects.