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$160,240,000 Commonwealth of Virginia General Obligation Bonds, Series 2019A (Negotiated), General Obligation Refunding Bonds, Series 2019B (Negotiated) and General Obligation Refunding Bonds, Series 2019C (Competitive) (Federally Taxable) Investor Presentation

Virginia Governor Ralph Northam announces that Commonwealth of Virginia reached the end of fiscal year 2019 with a sizable revenue surplus.

For Immediate Release: June 8, 2018
Contacts: Office of the Governor: Ofirah Yheskel, Ofirah.Yheskel@governor.virginia.gov

Following budget adoption, agency moves outlook back to stable

RICHMOND—Governor Ralph Northam today issued the following statement regarding S&P Global Ratings’ move to affirm Virginia’s AAA bond rating and upgrade the Commonwealth’s financial outlook to stable. In April 2017, the ratings agency downgraded the Commonwealth’s outlook from stable to negative. The upgrade follows Governor Northam’s adoption of a historic budget that expands Medicaid and allocates more dollars for the state’s primary reserve funds.

“I’m encouraged that the actions we’ve taken to shore up our reserve funds and to finalize a fiscally sound budget have resulted in an upgraded outlook from S&P Global Ratings. This demonstrates the fiscal health of the Commonwealth and affirms the work we have done over the course of the session to ensure our critical AAA bond rating remains intact.

“This is a positive sign for Virginia’s economy and I look forward to continuing to work with the General Assembly to make the Commonwealth work better for every family.”