Leesburg, Va. (July 7, 2014) – Town of Leesburg officials announced today that Standard & Poor’s Ratings Services raised its rating on the Town’s General Obligation (GO) bonds to AAA from AA+. Last month, Town officials met with representatives from all three major rating agencies in New York, in preparation for issuing $23.5 million in new GO and refunding bonds later this summer.
Standard & Poor’s Ratings Services awarded the Town its first AAA rating, with a stable outlook. Moody’s Investors Services affirmed the Town’s Aa1 rating, but revised the outlook from stable to positive. Fitch Ratings maintained the Town of Leesburg’s AA+ bond rating with a stable outlook.
“We are, of course, delighted that Standard & Poor’s has awarded Leesburg a Triple A bond rating,” said John Wells, Leesburg’s Town Manager. “Clearly, the hard work that the Town Council and staff have put into financial management, particularly with the development of our long-range budget process, has paid off. We anticipate significant savings through lower interest rates on our bonds, which will be a direct result of the Triple A rating.”
The last time that the Town’s bond rating was reevaluated by all three agencies was in July 2011. Copies of the three rating letters are available on the Town of Leesburg website.