Alexandria’s credit reaffirmed by AAA bond rating

Published September 25, 2024 at 1:15PM

Security guard Destin Davis waves at City Hall at 301 King Street in Old Town (staff photo by James Cullum)

Alexandria’s credit is still good.

On Tuesday, the city announced that S&P Global Ratings and Moody’s Investors Service reaffirmed its ‘AAA’ bond rating. The move means that Alexandria can get low-interest rates from bond investors to provide funding for expensive capital improvement projects.

“This important affirmation advances critical infrastructure projects for our schools and the City,” Mayor Justin Wilson said on social media.

Later this year, the city will issue $116.5 million of tax-exempt general obligation bonds for these projects:

The modernization of George Mason Elementary School

The next phase of the Waterfront Improvement Project

The initial work to renovate Alexandria City Hall

Infrastructure improvements for the redevelopment of the West End, previously home to Landmark Mall

Alexandria has maintained a AAA bond rating since 1992.

About the Author

James Cullum

Reporter James Cullum has spent nearly 20 years covering Northern Virginia. He began working with ALXnow in 2020, and has covered every story under the sun for the publication, from investigative stories to features and photo galleries. His work includes coverage of national and international situations, as well as from the White House, Capitol, Pentagon, Supreme Court and State Department. He's covered protests and riots throughout the U.S. (including the Jan. 6 riot at the U.S. Capitol), in addition to earthquake-ridden Haiti, Western Sahara in North Africa and war-torn South Sudan. He has photographed presidents and other world leaders, celebrities and famous musicians, and excels under pressure.