Summary: Danville, Virginia; General Obligation

S&P Global Ratings has assigned its 'AA-' rating to Danville, Va.'s series 2024 $10.6 million 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. Bond proceeds will finance various capital projects throughout the city. Danville's credit profile is supported by robust and well-embedded financial management practices that have facilitated a strong and stable financial profile. Despite Danville's financial strengths, its below-average wealth and income metrics are slightly weaker when compared with state and national peers at its current rating level. Danville has produced consistently positive financial results within

...Most recent Historical information 2023 2022 2021 Very weak economy Projected per capita EBI % of U.S. 66 69 70 Market value per capita ($) 77,675 76,410 73,189 Population 39,583 39,451 County unemployment rate(%) 3.7 Market value ($000) 3,074,595 3,024,543 2,887,390 Ten largest taxpayers % of taxable value 7.3 Strong budgetary performance Operating fund result % of expenditures 7.3 -0.8 3.5 Total governmental fund result % of expenditures 10.2 -0.1 11.8 Very strong budgetary flexibility Available reserves % of operating expenditures 37.5 33.9 38.4 Total available reserves ($000) 43,891 39,437 41,622 Very strong liquidity Total government cash % of governmental fund expenditures 82 105 94 Total government cash % of governmental fund debt service 1207 2703 2357 Very strong management Financial Management Assessment Strong Weak debt & long-term liabilities Debt service % of governmental fund expenditures 6.8 3.9 4.0 Net direct debt % of governmental fund revenue 138 Overall net debt % of...

Summary