Leesburg, Va (November 11, 2014) –
The nation’s top bond rating agencies have again affirmed Loudoun County’s AAA rating on its general obligation bonds, noting the county’s strong financial management practices and policies. Loudoun County has held the AAA rating from Moody’s since 2004, and AAA from Standard & Poor’s and Fitch Ratings since 2005.
A statement from Moody’s said that the Aaa rating reflects Loudoun’s “sizable and diverse tax base with strong long-term growth potential, above-average wealth levels, consistently solid financial performance, and a manageable debt burden. Moody’s also cited the county’s “solid reserve levels and strong financial management” as strengths.
Fitch cited Loudoun’s “robust economy” and “sound financial position,” and the agency’s belief that the Phase II expansion of Dulles Rail into Loudoun “will have a positive effect on the county’s dynamic economy.” Fitch also pointed to the established business base of federal contractors and high-tech companies that “leverage Loudoun’s highly educated labor pool, technology infrastructure, and extensive transportation network anchored by Dulles International Airport.”
Standard & Poor’s highlighted Loudoun’s “very strong economy that serves as a residential, commercial, and retail center for the Washington metropolitan statistical area, coupled with very strong income and wealth.”
“The reaffirmation of our triple-A rating is good news for Loudoun taxpayers, because it means the county will continue to get the best possible interest rates to finance our capital projects and save millions of dollars,” said Board of Supervisors Chairman Scott K. York.
“This is reflective of the Board of Supervisors’ solid commitment to sound fiscal policy and financial management as well as the hard work of county staff,” said Loudoun County Administrator Tim Hemstreet.
The reaffirmation of the triple-A rating comes in advance of the upcoming general obligation bond sale of $47.375 million for school and government projects.
More information on Loudoun County finances and the Road to Triple-A status is online at www.loudoun.gov/triple-a.