S&P Global Ratings assigned its 'AA-' rating to Danville, Va.'s $15.48 million series 2024B general obligation (GO) public improvement bonds. At the same time, we affirmed our 'AA-' rating on the city's existing GO debt. The outlook is stable. The rating reflects the application of our criteria, "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. Danville's unlimited full faith-and-credit pledge secures the bonds. Series 2024B proceeds will finance roughly $6 million in various general capital projects, $2 million for water utility projects, and $8 million for a new electric substation. The 'AA-' GO rating is supported by the strength of Danville's financial profile, including its healthy reserve position, along with our view of well-embedded financial management practices.
