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CHESAPEAKE -- Chesapeake is open for business and business is good, according to Mayor Alan Krasnoff.

Krasnoff told the Hampton Roads Chamber of Commerce during his annual State of the City speech Tuesday that the city has been given a AAA-bond rating by Standards and Poor's, and the city's real estate tax rate value is up $550 million.

'As I have said elsewhere, unlike other cities who are finding their economic sea legs, Chesapeake is on a roll, as confidence in our city has grown and we have you to thank for it,' Krasnoff said.

The mayor also boasted about the city's 92 percent on-time graduation rate, which he said is the region's highest.

Read the mayor's speech here

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