Bond-rating agency reaffirms AAA status for Virginia
RICHMOND, Va. (AP) — Standard and Poor’s has reaffirmed Virginia’s AAA bond rating and restored the financial outlook rating to stable in the wake of the legislature’s two-year, $117 billion budget deal.
The bond-rating agency had given the state a negative financial outlook rating over a year ago.
The Richmond Times-Dispatch reports that S&P cited the budget deal, increased reserve funds and stronger projected revenues as reasons for the improved outlook.
S&P’s decision comes after Moody’s reaffirmed its top rating earlier this week.
The top bond rating allows the state to borrow money at lower interest rates.
Information from: Richmond Times-Dispatch, http://www.richmond.com