Bond Rating and Back Slapping; Substantial Doubt of Competency; Without Accountability, Nothing Works

RVA 5x5 - June 9, 2024

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STORY #1 — Bond Rating and Back Slapping
Mayor Stoney reportedly pulled a back muscle two weeks ago from slapping himself on the back after he announced the city received a AAA bond rating from the Fitch Rating Agency. It is the first time the city has ever received the designation, although the other two main rating agencies, S&P Global still has Richmond rated at AA+ and the Moody’s rating remained at Aa1, both one step below the vaunted AAA rating.

The AAA rating allows the city to borrow money at the best possible and most favorable interest rate, which is certainly timely because the city is about to issue $170 million to build a baseball stadium ($130 million) and infrastructure ($40 million).

After two years of pretending the city’s plan for the Diamond District would cre…