Standard & Poor's Ratings Services said it raised its long-term and underlying rating on Roanoke, Va.'s general obligation bonds outstanding one notch to AA-plus from AA, with a stable outlook.
At the same time, Standard & Poor's assigned its AA-plus long-term rating and stable outlook to the city's series 2014A tax-exempt GO public improvement bonds, and taxable series 2014B GO public improvement refunding bonds.
"The upgrade is based on our view of the city's continued economic growth and maintenance of a strong and stable financial position," said Standard & Poor's credit analyst Lindsay Wilhelm.
Roanoke's irrevocable full faith and credit GO pledge secures the bonds. Officials plan to use proceeds of the series 2014A bonds to finance various city and school improvement projects. Proceeds from the series 2014B bonds will advance refund series 2008A and series 2010A bonds outstanding on a taxable basis. There is no maturity extension on the bonds.
