Press Release|Public Finance

KBRA Affirms Rating for the EDA of the City of Fredericksburg’s Revenue Bonds, Taxable Series 2019A; Outlook is Stable

29 May 2024   |   New York


KBRA affirms the long-term rating of AA for the Economic Development Authority of the City of Fredericksburg’s Revenue Bonds (Fredericksburg Stadium Project), Taxable Series 2019A (City Use Revenues). The Outlook remains Stable.

Key Credit Considerations

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

Credit Positives

  • Favorable credit standing of City of Fredericksburg.
  • City financial obligation is limited to fixed annual payment, which represents a very modest budgetary commitment that is likely to be partially or fully offset by stadium-related taxes.
  • Stadium is expected to be an asset for the community in the form of a cultural attraction and a catalyst for economic development.

Credit Challenges

  • City funding commitment is subject to annual City Council appropriation.
  • City funding commitment is subject to partial or full abatement if stadium or any portion of it is damaged and unusable.
  • Stadium is not the typical “bricks and mortar” project financed using a municipal appropriation debt mechanism.

Rating Sensitivities

For Upgrade

  • Improved City of Fredericksburg credit position.
  • Demonstrated trend of successful stadium operation both for baseball and City utilization.

For Downgrade

  • Weakened City of Fredericksburg credit position.
  • Lower than anticipated stadium availability.

To access rating and relevant documents, click here.



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004476

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