Today, the top credit rating agencies once again recognized the City of Alexandria’s strong financial management by reaffirming the City’s highest possible bond ratings.

S&P Global Ratings and Moody’s Ratings confirmed the City’s top bond ratings of ‘AAA’ and ‘Aaa’ respectively, marking the 35th consecutive year Alexandria has received the highest marks. These ratings, seen as the gold standard for creditworthiness, allow the City to continue securing low interest rates when issuing bonds.

“While our national economy deals with uncertainty and inflationary pressures, Alexandria’s top credit ratings demonstrate that with sound fiscal policies and a focus on growth and innovation, our city is well positioned to continue to thrive,” said Mayor Alyia Gaskins. “These reaffirmations show that our fiscal responsibility and commitment to community set us apart, and that Alexandria can serve as a model of stability and resilience for the region.”  

In its credit rating highlights, S&P Global stated that “the rating reflects Alexandria's expanding local economy with stronger economic metrics compared with national averages. In addition, conservative, well-embedded management practices support maintenance of a strong reserve position and positive revenue trends.” In rating the City “above the sovereign,” S&P stressed that “we believe the City can maintain better credit characteristics than the U.S. in a stress scenario.”  

The City of Alexandria has maintained its top bond ratings since 1992, helping reduce borrowing costs for major infrastructure and community projects. Later this year, the City will issue $190.7 million of tax-exempt general obligation bonds to fund capital improvements, including:

• The renovation of George Mason Elementary School
• The next phase of the Waterfront Improvement Project
• Initial work to renovate Alexandria City Hall