Falls Church City Manager Wyatt Shields announced to the F.C. City Council tonight that it was learned earlier today that the Wall Street bond rating agency Standard & Poors has boosted the City’s bond rating to AAA, its highest rating.
The rating boost derived from the City’s recent move to issue $19 million in debt for a diverse array of capital improvements.
“It was noted by the agency that the City’s ability to meet its reserve policy, to balance budgets, to enjoy strong financial management, to fund its local pensions and to successfully sell its water system on good terms and with strong public approval,” Shields said. “It has been our ability to make tough decisions with an eye to long-term goals that has brought us to this point.”
“This is exciting news that validates our prudent financial decisions,” Mayor Nader Baroukh said.
The S&P upgrade adds to existing ratings of AAA by Fitch and AA-plus by Moody’s, Shields said.
It was noted that the City’s next mayor bonding effort is not expected before 2016 and at that point the City can expect an interest rate of 4.5 percent, Chief Financial Officer Richard LaCondre reportedly said.