City of Harrisonburg’s Credit Rating Upgraded

Lindsay -- April 30th, 2010

Press release:

City of Harrisonburg’s credit rating on the city’s general obligation debt has been upgraded to AA- from A+ with a stable rating outlook by Standard & Poor’s Rating Services (S&P). This is the city’s first S&P credit rating upgrade since 2006.

The credit rating is S&P’s opinion of the overall financial ability or creditworthiness of the city to pay its financial obligations. The city may be able to obtain lower interest rates on future borrowings as the city’s credit rating increases.

S&P cited several factors in their rating assessment of the city:

  • Strong economic fundamentals;
  • The city’s role as a regional economic center;
  • Very strong available fund balance at the end of fiscal year 2009; and
  • A moderate debt burden

“This is good news for the city,” explained Lester Seal, Director of Finance. “There is the potential to realize savings for taxpayers by lowering our borrowing costs on future capital projects.”

Standard & Poor’s Rating Services, a division of Standard & Poor’s Financial Services LLC, provides a wide range of independent credit ratings services. Additional information and analyses is available on its Web site, www.standardandpoors.com.

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