City of Alexandria, VA
City Sells General Obligation Bonds for Transportation Improvements, Schools and Infrastructure Costs
The $69.95 million bonds will be used to finance certain capital improvement projects including transportation improvements, sanitary sewers, public school facilities and other infrastructure costs.
Alexandria Mayor William D. Euille said, "This positive news reflects the City’s strong economy, solid financial policies and decision making, as well as Alexandria’s proven financial reputation on Wall Street. Together, these bond ratings and favorable interest rate will save City taxpayers money and strengthen our future fiscal outlook."
Standard & Poor’s (S&P) and Moody’s Investors Service reaffirmed the City’s bond ratings of AAA and Aaa, respectively. In reaffirming the City’s AAA bond rating, S&P noted that the City’s rating reflects a “deep, diverse, and strongly performing local economy” and “strong financial management,” while stating that “the city's financial position in our opinion remains strong despite slower revenue growth.” Moody’s Investors Service agreed, declaring that the City’s financial strengths include a “conservatively managed budget with sound reserves.”