All Three Rating Agencies Affirm Suffolk's AAA Status
SUFFOLK, VA (August 1, 2022) The City of Suffolk has learned that all three ratings agencies (Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings) have affirmed the City’s AAA rating with a stable outlook. The City achieved a AAA rating from all three rating agencies for the first time in the Fall of 2019. The AAA Rating represents the credit-worthiness of the City of Suffolk government issued bonds. It also provides assurance that the City of Suffolk has the highest quality of bonds with the least amount of risk and that both the principal and interest on the bonds will be paid on time and in full.
In their notification, Fitch Ratings noted that the City’s ability to raise revenues and solid expenditure flexibility support a superior level of inherent budget flexibility. In addition, the City has healthy reserve balances that support a high level of financial resilience.
Moody’s Investors Service’s rating reflected the City’s Continued growth and diversification of the tax base, including healthy resident income levels. They further noted that the City’s finances are strong and supported formal fiscal policies and conservative budget assumptions.
Standard & Poor’s Rating service recognized Suffolk’s consistent and robust operations that bolster already very strong finances.