S&P Global Ratings has assigned its 'AA-' rating to Danville, Va.'s 2021 series A ($8.110 million) tax exempt general obligation (GO) public improvement bonds. At the same time, S&P Global Ratings affirmed its 'AA-' rating on the city's existing GO debt. The outlook is stable. Danville's faith-and-credit pledge, for the payment of bond principal and interest, secures the bonds. The 2021A bond proceeds will be used to finance costs of various capital improvement projects. The rating reflects strong stability of the credit supported by strong financial management practices that have facilitated a strong and stable financial profile. Similarly, the city's debt is expected to stay manageable as the city adheres to its policy of maintaining debt at less than 3%
