The Town of Dumfries, Virginia, which is led administratively by Town Manager Tangela Innis and politically by Mayor Derrick R. Wood, announced on Oct. 22 that S&P Global Ratings has assigned the municipality a credit rating of “AA-plus stable outlook.”
This marks the first time in the town’s history that Dumfries— led by Innis and Wood, both African American, and is majority-minority with a 22% Black population— has received a credit rating, a milestone that underscores its evolution from Virginia’s oldest continuously chartered municipality to one of the most fiscally disciplined and forward-thinking communities.
“This rating from S&P is both validation and motivation,” said Innis. “Since my arrival in April 2023, it recognizes our disciplined budgeting, transparent financial practices, and the tremendous efforts of our team to build a sustainable future for the Town of Dumfries. We will continue working to ensure our financial health remains strong and our community thrives.”
Dumfries has roughly 5,300 residents and is located in central Virginia. The rating will bolster the Town’s capacity to access capital markets on favorable terms as it moves forward with key infrastructure and community-enhanced projects.
Wood said the rating is a reflection of the Town’s pro-growth strategy.
“Receiving an AA-rating speaks volumes about where our town stands and where we are going,” said Wood. “It’s the result of collaboration, vision, and hard work by our Council, staff and residents. For the first time in our history, Dumfries has earned a credit rating, and it is a strong one. We don’t borrow to patch potholes: we borrow to build the future. This milestone strengthens our ability to unlock investment, pursue major infrastructure improvements, and deliver on the promise of progress, partnerships and possibilities for Dumfries.”
Wood went on to say, “This achievement represents another step in the town’s broader transformation and commitment to fiscal excellence.”
“From clean audits to conservative debt policies, Dumfries continues to set a standard for small-town governance and economic resilience,” the mayor said.
Congratulations to Ms Innis and Mr Wood for their great works and accomplishments.