Prince William County maintains its AAA bond ratings

Prince William County officials recently met with each of the three major bond rating agencies in preparation for the County’s $89 million bond sale scheduled for later this month through the Virginia Public School Authority (VPSA), according to a news release from Jason Grant, communications director.

Following a series of meetings, each rating agency (Fitch, Moody’s and Standard & Poor’s) reaffirmed the County with a AAA bond rating, the highest rating available.

Prince William County remains one of only 38 counties in thenation to carry three AAA bond ratings; and including states and cities, Prince William County is one of only 77 jurisdictions nationwide with this prestigious designation, the news release said.

The VPSA bond offering will fund one new elementary school, one elementary school addition, about one-half of construction costs of one new high school, and architectural and engineering design services for three schools and one maintenance facility.

Michelle Attreed, the County’s Director of Finance, noted that the rating agency analysts went through an extensive review of the County’s Principles of Sound Financial Management, the Five-Year Budget Plan, Six-Year Capital Improvement Plan and Comprehensive Annual Financial Reports.

According to Attreed, the rating agencies consider the economic outlook and financial management practices when determining a municipality’s bond rating. The rating agency’s review focused specifically on the County’s financial reserves, debt levels, budget versus actual expenditures, economic development activities, current and future state of the local tax base, and the Board’s commitment to implementing and funding key strategic priorities.

Corey Stewart, chairman of the Prince William Board of County Supervisors, was quoted as saying, “The rating results are extremely important because the higher the bond rating the lower the County’s cost when repaying the bonds, which saves the taxpayers money.”