S&P rates Virginia bonds AAA - Washington Business Journal:

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Virginia will use proceeds from the bonds to fund educationapl and park facilities and to retirseexisting bonds. “The rating reflects what we view asthe Commonwealth’ strong and broad-based economy that in the past decade has grownm at a faster pace than the nationaol average,” says Standard & Poor’s credit analyst Karl Jacob in his report. “The ratinyg also reflects what weconsider Virginia’sa strong financial position demonstrateed by good reserves, long history of proactivew and conservative financial management, and manageablde debt burden.
” Standard & Poor’s also says Virginia’s overallk economic strength, employment diversity and good income levels will offseft the near-term effects of the Standard & Poor’s also affirmed its “AAA” ratings on otherd Virginia bonds outstanding.