The Wall Street Journal reported earlier today that Standard & Poor's Ratings Services has "raised its ratings on Harrisonburg, Va.'s general obligation debt one notch, pointing to the stability of the city's economy and maintenance of its solid finances and reserves. The credit rater, which raised its rating one notch to double-A, said the move reflects Harrisonburg's role as a regional economic center and its growth of a diverse property tax base, among other things. The rating is two notches below triple-A, and the outlook is stable."

"We believe management will likely maintain, what we consider, its sound finances, supported by very strong reserves and formal fiscal policies," credit analyst Danielle Leonardis said. "For these reasons, we do not think the rating will change within the stable outlook's two-year period."

"Meanwhile, S&P said it believes what it considers the city's below-average income, mitigated by the presence of a large number of university students, somewhat offsets the strengths."