Provided by Prince William County
Each of the three major bond credit rating agencies (Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings) reaffirmed the county’s financial position with a AAA bond rating – the highest credit rating available. This triple-AAA reflects the financial strength and sound fiscal management of Prince William County and is an achievement held by less than two percent of the nation’s 3,190 counties.
Fitch continues to highlight the county’s budgeting practices as contributing to its “AAA” rating noting, “The County’s superior budget flexibility and ample general fund balance allow it to comfortably manage through economic downturns without diminishing its overall financial flexibility.”
Moody’s lauded the economic conditions and financial position of the county stating, “The Aaa rating reflects the county’s dynamic local economy and wealthy tax base that continues to experience healthy growth, strong financial position including strong reserve levels and ample liquidity and an above average but manageable debt burden.”
S&P, noted the county’s economic strength and contribution to the DC Metro area along with a history of sound financial management arguing, “The stable outlook reflects the stability and diversity in the very strong economy, which remains an integral part of the Washington-Arlington-Alexandria MSA. The outlook further reflects the county’s very strong budget flexibility and liquidity position and consistent financial operations, which are guided by historically very strong management.”
“Since joining the Board of County Supervisors in 2003, the economic success of our community and the fiscal responsibility of county government have been our top priority as an elected body,” said Corey Stewart Chairman of the Board of County Supervisors. “Establishing policies that lead to our first ever triple-AAA rating in [YEAR] and having the resolve to maintain a fiscally conservative government to continue to hold that rating are a legacy that this Board is proud to have been a part of.”
Proceeds of the upcoming bond sale, a stand-alone issue through the Virginia Public School Authority (VPSA), will be used for the acquisition and construction of school facilities including three new schools, six additions, five school renewals, two auxiliary gyms, and two stadium upgrades. Separately, approximately $34.7 million of existing School bonds are expected to be refinanced to achieve more than $2 million of savings over the remaining maturities.