EC Virginia News

S&P, Moody’s Reaffirm Strong and Stable Economic Outlook for City of Alexandria

The S&P Global Ratings and Moody’s Investors Service reaffirmed the City of Alexandria’s strong economic outlook by assigning the City the highest ratings of ‘AAA’ and ‘Aaa,’ respectively, helping it achieve competitive, low interest rates.

“We are very proud that once again, the City has been recognized for its healthy financial position, prudent budget practices and future-oriented policies that govern our fiscal operations," said Alexandria Mayor Justin Wilson. "Both ratings agencies acknowledged the City’s efforts beyond our strong financial condition, including affordable housing initiatives and environmental protections."

These ratings will continue to benefit all Alexandrians by, among other things, facilitating the expansion of City infrastructure and related services, growing the labor force, ensuring an adequate housing supply, and boosting programs that address income and racial inequities.

• S&P characterized the City’s credit health as “better … than the U.S.[government] in a stress scenario,” and praised the City’s economic development focus on transit-oriented projects and small area plans.
• Moody’s cited Alexandria’s diverse tax base and comprehensive fiscal policies as strengths, noting the “City will maintain its healthy financial position given strong operating trends and conservative budget practice[s].”

The City has maintained the highest grades from both major bond rating agencies since 1992, which enables the City to pay low interest rates for the life of bonds issued to fund major projects, such as:

• The redevelopment of West End, previously Landmark Mall, which includes the:
  • Building of about 4 million square feet of new retail, residential, and office space, offering a cohesive neighborhood to live, work, and play.
  • Relocation and expansion of Inova Alexandria Hospital, bringing more than 2,000 health professionals to the area.
• The creation of a one-stop shop for the City’s health and community services at the new Redella S. “Del” Pepper Community Resource Center in 2023,
  • This colocation will create a seamless transition between related health and human services.
  • The Center will be located near public transit, and will serve as a community hub by offering community resources and meeting and event spaces

For inquiries from the news media only, contact the Office of Communications & Public Information at newsroom@alexandriava.gov or 703.746.3969.

Original source can be found here