KBRA assigns a long-term rating of AAA with a Stable Outlook to the City of Winchester, VA General Obligation Public Improvement Bonds, Series 2025.

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

• Comprehensive financial policies support strong reserve levels and favorable debt metrics.
• Vibrant local economy driving healthy growth in the tax base.
• Manageable fixed cost burden including minimal pension and OPEB liabilities.

Credit Challenges

• Modest income and wealth related metrics.

Rating Sensitivities

For Upgrade

• Not applicable.

For Downgrade

• An increase in fixed costs absent growth in personal income metrics.
• A sustained decline in available general fund balances below policy targets.

ESG Considerations

To access ratings and relevant documents, click here.

Methodologies

• Public Finance: U.S. Local Government General Obligation Rating Methodology
• ESG Global Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1011695

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