Standard & Poor's Ratings Services has raised its rating on Manassas Park, Va.'s outstanding general obligation (GO) bonds to 'A+' from 'BBB' with a "stable" outlook.
Interim City Manager Dean Crowhurst said the upgrade is great news for the City, "Standard & Poor’s has increased the City’s bond rating from BBB to A+, which validates the tough measures that were taken by the Governing Body to improve the City’s fiscal position."
In its report, the rating agency called the Manassas Park economy "strong."
"Management projects the tax base to continue to grow modestly and consistently, over the next two years as both residential and commercial re-development projects are added to the tax base... In our opinion the city's budgetary flexibility remains adequate with reserves gradually increasing from a negative position in fiscal 2009... The city's budgetary performance in the past two years has been strong overall, in our view..."
See City's statement and Standard and Poor's report attached below.