Governor Spanberger Announces Virginia’s AAA Bond Rating Affirmed by All Three Major Rating Agencies

RICHMOND, VA - Governor Abigail Spanberger today announced the affirmation of the Commonwealth of Virginia's AAA/Aaa/AAA bond ratings by Fitch Ratings, Moody's Ratings, and S&P Global Ratings - the highest levels a state can receive.

In late September, Governor Spanberger traveled to New York City to personally meet with the three ratings agencies to discuss her commitment to disciplined budgeting and maintaining Virginia as a stable, predictable place to do business. Moody's Ratings and Fitch Ratings affirmed Virginia's rating last week, and S&P Global affirmed Virginia's rating in August.

"Despite national uncertainty, Virginia is proving that we are fiscally sound and ready to meet any future challenges," said Governor Abigail Spanberger. "I will continue to focus on responsibly managing the Commonwealth's finances, strengthening our business climate, and serving as a trusted steward of taxpayer resources as we work to make Virginia more affordable for all families."

Earlier this year, Governor Spanberger also announced that Virginia rose to #3 in CNBC's annual "America's Top States for Business" rankings - reflecting her focus on growing the Commonwealth's economy.

"Virginia's finances remain strong, with General Fund revenue collections generally in line with the forecast," said Secretary of Finance Mark Sickles. "Our conservative budgeting has been recognized by the rating agencies and has led to increased financial flexibility and the strengthening of our operating reserves."

"Ultimately, Virginia's stellar credit ratings result in the lowest cost of financing for taxpayers," said State Treasurer David Richardson. "Investors are willing to accept lower interest rates in exchange for the security they have with the Commonwealth as obligor."

Virginia is one of only 14 states currently rated at the highest levels across all three rating agencies. The Commonwealth has maintained these ratings since obtaining them from Moody's in 1938, S&P in 1962 and Fitch in 1991. The rating agencies also affirmed Virginia's appropriation-backed bonds at AA+/Aa1/AA+ and assigned a Stable Outlook to all the Commonwealth's General Obligation and appropriation-backed bonds.

For more information, please navigate to S&P Global, Moody's Ratings, and Fitch Ratings.

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