Monday, June 26, 2017

Richmond’s AA+ GO Bond Ratings Affirmed by S&P, Fitch and Moody’s


Mayor Levar M. Stoney today announced Richmond has maintained its AA+ general obligation (GO) bond ratings from all three credit rating agencies.

“We view the city's management as very strong, with strong financial policies and practices,” stated the latest S&P RatingsDirect summary. S&P’s AA+ assessment factors also cited Richmond’s 2,445 new jobs since 2016 and $840 million in new economic investment.

Fitch upgraded the city’s operating performance factor to “aaa” for the first time and further reported, “After several years of stagnant or declining valuations, the city's taxable base has increased for the second consecutive year and the estimated 2017 valuation reflects a 3% increase.”

Likewise, Moody’s Investors Service also reaffirmed their Aa+ rating and cited Richmond’s diverse local economy, maintaining the city “is poised for continued long-term growth, as indicated by the number and scale of redevelopment projects both commercial and residential currently underway or under consideration.”

“We are working very proactively to further strengthen Richmond’s economy,” said Mayor Stoney. “I am quite pleased this is something clearly recognized and reported by the rating agencies.”

Click here for Moody's.

Click here for S&P.

Click here for Fitch.