WASHINGTON — Virginia is preparing to competitively issue $168.4 million of general obligations bonds for seven universities at a time when the Pentagon’s proposal to close a major military base in the Hampton Roads area is raising concerns about the state’s credit.

One of eight states rated triple-A by all three major rating agencies, Virginia plans the sale for Wednesday just two months after Defense Secretary Robert Gates proposed closing the Joint Forces Command campus, or JFCOM, which is based in Norfolk and employs about 2,200 people.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.