Bristol, Va credit rating now at an A+ following S&P upgrade
The City of Bristol, Va’s credit rating has been upgraded for the second time in 12 months.
City officials say national credit rating agency Standard & Poor’s upgraded Bristol’s credit rating from an A to an A+. The rating increase is in conjunction with Bristol’s planned refinancing of nearly $17 million to take advantage of lower interest rates and reducing annual debt service. Bristol anticipates they will move forward with refinancing if interest rates stay at or near current levels, which could save the city over $2 million over a 20 year period.
City Manager Randy Eads says the upgrade by S&P is compounded by the work of the city council and chief financial officer. “The report outlines the steps we have taken to achieve this upgrade as well as the path we must continue to keep moving Bristol towards toward financial resiliency and the City’s goal of the AAA credit rating,” said Eads.
Photo Courtesy: City of Bristol, Va Logo