STAFFORD JOINS ELITE GROUP OF LOCALITIES ACROSS THE COUNTRY
WITH TRIPLE AAA BOND RATINGS
Stafford, Va. – Stafford County announced at a press conference this morning that the County joins 47 counties and 33 cities across the nation in acquiring its third AAA bond rating — the highest credit rating available. Moody’s Investors Service announced the bond rating upgrade this week, citing Stafford’s current healthy financial position as well as its emphasis on strategically planning for the future. Stafford previously received AAA bond ratings from Fitch Ratings in October 2016 and Standard & Poor’s in July 2015.
“Gaining three AAA bond ratings is the result of a lot of hard work by both current and former members of the Board of Supervisors as well as a host of County staff,” said Chairman of the Board of Supervisors Meg Bohmke, Falmouth District. “As our County continues to deal with the challenges of growth, we must reaffirm our commitment to long-range planning to successfully position our County for the future. In fact, Moody’s cited our sound financial management practices as well as our five-year financial forecasting process.”
Moody’s Investors Service reviewed Stafford’s credit strengths and challenges, debts and obligations. Key indicators include the County’s diverse, growing economy along with its proximity to the expanding, stabilizing presence of Quantico and the more than 25,000 direct jobs it provides. Moody’s praised Stafford County on being “positioned favorably to maintain its strong financial position with sound reserve levels, strong financial management and ample financial flexibility.”
“This report from Moody’s confirms the culmination of many years of work and preparation by current and former Board of Supervisors as well as exceptional staff including the leadership and effort from our Chief Financial Officer, Maria Perrotte. This achievement does not happen overnight; financial planning has become a year-round process for us,” said Stafford County Administrator Tom Foley. “In the end, gaining three AAA bond ratings is tangible proof that we are good stewards of taxpayer funds.”
A AAA bond rating indicates a high level of confidence that a locality can meet its obligations today and in the future. More importantly, this rating allows localities to borrow money for essential public facilities at a lower interest rate, saving taxpayers money. To view the entire ratings report, visit Moody’s Investor Service.