Virginia's triple-A bond rating has been affirmed by all three major credit rating agencies—Fitch Ratings, Moody's Ratings, and S&P Global Ratings—the highest credit rating level a state can receive, Governor Abigail Spanberger announced.
Moody's and Fitch affirmed the rating last week, and S&P Global affirmed it in August. The affirmations followed Spanberger's trip to New York City in late September to meet with the three agencies and discuss her commitment to disciplined budgeting.
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.
State Treasurer David Richardson said the top ratings benefit taxpayers. "Ultimately, Virginia's stellar credit ratings result in the lowest cost of financing for taxpayers," he said.