Contributed by the City of Manassas
City of Manassas, VA . . . Standard & Poor’s Ratings Services raised its rating on the City of Manassas’ general obligation (GO) debt from AA to AA+ with a stable outlook. This rating reflects the City’s strong economy, strong wealth and income, and low unemployment.
“We live in a wonderful City with a very strong sense of community,” said City Manager William Patrick Pate. “I believe it is this sense of community and the efforts by City staff that has led S&P to upgrade our rating.”
In its upgrade, S&P referenced the City’s location, participation in the Washington-Arlington-Alexandria MSA and said that theybelieve Manassas will likely maintain its historically strong financial flexibility and liquidity, including strong general fund reserves. The bond rating upgrade helps the City’s credit worthiness in selling general obligation bonds for Capital Improvement Projects and may result in a reduced interest rate incurred by the City.
According to S&P, the rating upgrade demonstrates the City of Manassas’ very strong budgetary flexibility, strength in management and strong financial policies and practices.
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