Leesburg, VA (March 31, 2015) – Town of Leesburg officials announced last week that Standard & Poor’s Ratings Services affirmed its rating on the Town’s General Obligation (GO) bonds as AAA.
This announcement followed announcements earlier this week that Moody’s Investors Services and Fitch Ratings had upgraded the Town’s GO bonds, from Aa1 and AA+ respectively, to Aaa and AAA. The Town of Leesburg is the only town in Virginia to currently hold Triple A ratings from all three major credit rating agencies.
Town officials met with representatives from the rating agencies in New York two weeks ago, in preparation for issuing $49 million in new GO bonds later this month.
“We were not expecting to receive rating upgrades from both Moody’s and Fitch, since we had been reevaluated less than a year ago,” said Kaj Dentler, Leesburg’s Town Manager. “We are very pleased with the new ratings, particularly since we have a number of new key players on our financial leadership team. The most important take-away for taxpayers is that the Town of Leesburg is in exceptionally strong and stable financial condition, both short and long term. The direct benefit of the Triple A ratings to the taxpayers is the savings we will achieve through lower interest rates on our bonds.”
The last time that the Town’s bond ratings were reevaluated by all three agencies was in June 2014. Copies of the latest rating letters are available on the Town of Leesburg website.