WINCHESTER — For the sixth time since 2013, S&P Global Ratings has affirmed a AAA credit rating for the city of Winchester’s general obligation debt. According to a media release from Rouss City Hall, Winchester is one of just 12 cities in Virginia this year to maintain the top rating.
"The AAA rating continues to benefit from the city’s very strong [financial] reserves, very strong management team with well-embedded financial management policies and [a] robust [local] economy that continued to expand despite the pandemic," according to a report submitted by S&P, a New York-based firm that publishes financial research and analysis on stocks, bonds and commodities.
"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," the city's financial advisor, Kevin Rotty of PFM Financial Advisors, said in the media release. "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," City Manager Dan Hoffman added in the release. "It’s a testament to our strong economy and management.”
Winchester is planning on issuing about $11.8 million worth of general obligation bonds at the end of this month to fund various capital projects throughout the city. The AAA bond rating will ensure the debt will have the lowest possible interest rate. For more information, visit winchesterva.gov.