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Learn about Commonwealth of Virginia, including Featured News and The Team.
Located midway between New York and Florida, Virginia is the gateway to the South. It is also sometimes classified in the Mid-Atlantic region. The Commonwealth is bordered by Washington, D.C., the nation's capital, and Maryland to the north; the Atlantic Ocean to the east; North Carolina and Tennessee to the south; and West Virginia and Kentucky to the west.
Virginia is nicknamed the "Old Dominion" due to its status as the first colonial possession established in mainland British America, and "Mother of Presidents" because eight U.S. Presidents were born there, more than any other state. The Virginia General Assembly is the oldest continuous law-making body in the country.
In terms of the economy, the Virginia economy has diverse sources of income, including local and federal government, military, farming and business. The vibrant economic development throughout the state helps to drive its very high per capita income measurements.
Governor Ralph Northam addressed a meeting of the Joint Money Committees of the Virginia General Assembly where he discussed the state of the Commonwealth's finances and the Virginia economy.
For Immediate Release: June 8, 2018
Contacts: Office of the Governor: Ofirah Yheskel, Ofirah.Yheskel@governor.virginia.gov
Following budget adoption, agency moves outlook back to stable
RICHMOND—Governor Ralph Northam today issued the following statement regarding S&P Global Ratings’ move to affirm Virginia’s AAA bond rating and upgrade the Commonwealth’s financial outlook to stable. In April 2017, the ratings agency downgraded the Commonwealth’s outlook from stable to negative. The upgrade follows Governor Northam’s adoption of a historic budget that expands Medicaid and allocates more dollars for the state’s primary reserve funds.
“I’m encouraged that the actions we’ve taken to shore up our reserve funds and to finalize a fiscally sound budget have resulted in an upgraded outlook from S&P Global Ratings. This demonstrates the fiscal health of the Commonwealth and affirms the work we have done over the course of the session to ensure our critical AAA bond rating remains intact.
“This is a positive sign for Virginia’s economy and I look forward to continuing to work with the General Assembly to make the Commonwealth work better for every family.”