SUFFOLK, Va. (WAVY) — The City of Suffolk has received an AAA rating from three ratings agencies: Fitch Ratings, Moody’s Investors Service and S&P Global Ratings.

This is the first time the city has received this rating from all three agencies since fall of 2019, according to a release. The AAA rating represents the credit-worthiness for Suffolk’s government issued bonds.

“The city’s financial position is sound, translating to long-term stability in both reserves and liquidity, supported by management’s consistently conservative budgeting practices and adherence to formal policies,” Moody’s Investors Service said, according to the city’s release. “Additionally, the city’s debt and pension ratios will remain manageable given debt structuring and ongoing tax base appreciation.”

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