Prince William County Once Again Receives AAA Bond Rating

Image by PWCS

By Prince William County Government

PRINCE WILLIAM COUNTY, VIRGINIA...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 AAA bond ratings – the highest credit rating available. This triple-A 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.

“The affirmation of our AAA bond rating by all three rating agencies is a testament to our unwavering commitment to the strength of the local economy,” said Corey Stewart, Chairman of the Prince William Board of County Supervisors. “Our dedication to responsible and sound financial management on behalf of our taxpayers, has made Prince William County one of the most fiscally stable communities in the nation.”

Fitch noted that a contributing factor to its "AAA" rating was that, "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 reaffirmed its "AAA" rating, stating, “the stable outlook reflects the solid financial position given Prince William County’s healthy reserves and sound fiscal management. The outlook also incorporates the county's sizable tax base that is expected to experience healthy growth over the medium-term.”

S&P attributed its "AAA" rating and continued "stable outlook" to the strength of the local economy and sound fiscal management of Prince William County government, "Prince William County continues to diversify its employment base, and recent economic development has focused on such growing businesses as data centers, high-tech, and bio-tech industries; federal agencies and contractors; and advanced logistics and manufacturing facilities."

The ratings are a result of the agency analysts' extensive review of the County's Principles of Sound Financial Management, the Fiscal 2018 Adopted Budget and Fiscal 2019 Proposed Budget, Five-Year Budget Plan, Six-Year Capital Improvement Plan, and the most recent Comprehensive Annual Financial Report.

Proceeds of the upcoming bond sale, a stand-alone issue through the Virginia Public School Authority, will be used for the acquisition and construction of school facilities including four new schools, eight additions, and three school renewals.