Summary: Danville, Virginia; General Obligation; Moral Obligation

Standard&Poor's Ratings Services raised its long-term and underlying rating on Danville, Va.'s general obligation (GO) bonds outstanding one notch to 'AA-' from 'A+' based on the city's very strong financial position, particularly given its well-funded pension system, and our view that it will be able to maintain this level of financial strength. At the same time, we also raised our underlying rating on Danville-Pittsylvania Regional Industrial Facilities Authority's revenue bonds outstanding, secured by Danville and Pittsylvania County's moral obligation pledge, to 'A-' from 'BBB+'. The rating is based on the weaker of the two moral obligation pledges and previously reflected the 'A+' GO rating on Danville. Standard&Poor's also assigned its 'AA-' long-term rating to the city's

...Standard & Poor's Ratings Services raised its long-term and underlying rating on Danville, Va.'s general obligation (GO) bonds outstanding one notch to '##-' from 'A+' based on the city's very strong financial position, particularly given its well-funded pension system, and our view that it will be able to maintain this level of financial strength. At the same time, we also raised our underlying rating on Danville-Pittsylvania Regional Industrial Facilities Authority's revenue bonds outstanding, secured by Danville and Pittsylvania County's moral obligation pledge, to 'A-' from '###+'. The rating is based on the weaker of the two moral obligation pledges and previously reflected the 'A+' GO rating on Danville. Standard & Poor's also assigned its '##-' long-term rating to the city's series 2015A GO public improvement bonds and series 2015B GO public improvement refunding bonds. The outlook on all ratings is stable. Officials plan to use proceeds of the series 2015A bonds for various public...

Summary