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Winchester City ‘AAA’ Once Again

19 September 2019 Winchester News


September 19, 2019

WINCHESTER – Standard & Poor’s Rating Service (S&P) once again gave the City of Winchester a AAA general obligation bond rating. It is the third time this decade (2014, 2017) the rating has been reaffirmed.

The high bond rating means the City has a low cost of borrowing on the City’s property tax supported debt. This allows the City to maximize the amount of bond capacity for the City’s capital projects. The rating reflects the City’s capacity to meet financial commitments.

“Being exceptional stewards of the City’s funds is a top priority of not only mine, but staff and City Council’s as well,” City Manager Eden Freeman said in a press release. “We all work very hard to ensure that we are making the best financial decisions and are upholding the highest level of ethical standards when managing day-to-day operations of the City government.”

S&P evaluates economy, financial position, long term liabilities and management when determining the rating for a given City. The 2019 ratings report for Winchester stated that the rating company believes “the city will continue to maintain its strong financial position and budgetary performance.”

Winchester is one of 11 cities in Virginia to receive a AAA rating.

 

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