Provided by the Prince William County Service Authority
The Prince William County Service Authority is proud to announce that Moody’s has raised the utility’s credit rating for outstanding revenue bonds from Aa1 to Aaa.
The Aaa rating from Moody’s is the highest credit rating that can be assigned to local governments and is a widely acknowledged measure of excellence. Attaining this top rating will result in reduced borrowing costs on future debt issuances, which will ultimately save Service Authority customers money.
Moody’s based the upgrade on continued improvement in financial operations, reflected in ample coverage and substantial liquidity. Additionally, the rating reflects a large, diverse and growing service area with a low debt burden.
Moody’s outlook for the Authority is stable and reflects its expectation of continued strong operating results, conservative management and positive trends in the service area.
“We are very pleased to receive the highest possible rating from Moody’s, which complements our AAA rating from Standard and Poor’s,” said Chief Financial Officer Leslie Griffith. “It is a reflection of the Service Authority Board of Director’s commitment to a fiscally strong and sustainable organization.”