S&P raises Richmond, Virginia's GO rating to 'AA+'
Aug 28 (Reuters) - Standard & Poor's Ratings Services on Wednesday raised its rating on the city of Richmond, Virginia's general obligation debt to AA-plus from double-A.
The outlook is stable.
The rating upgrade reflects the city's finances, including its strong reserves, and continued investment in economic development projects, S&P said.
The stable outlook is supported by Richmond's role in the regional economy, and continuing economic development, the company said.
S&P also assigned Richmond's $130 million series 2013A, and $11.33 million series 2013B GO public improvement bonds AA-plus with a stable outlook.
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