2010 Bond Issuance
2010 Rating Agency Reports (General Obligation Bonds)
In June 2010, the County's credit rating on General Obligation bonds was upgraded to AA+ by Standard & Poor's, and was affirmed at AA by Fitch and Aa2 by Moody's.
Fitch
Moody's
Standard & Poor's
2010 General Obligation Bond Issuance
On June 8, 2010, the Board of Supervisors approved the sale of up to $18 million in General Obligation Bonds for the new Circuit Court and Public Safety Building projects. Bonds totaling $17.1 million were sold on July 14, 2010 with a blended "all-in" interest cost of 3.16%; 0.34 percentage points less than the estimated rate of 3.50%.
Press Release
Executive Summary from 6/8/10 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on 6/8/10
Select Information from June Presentation to Rating Agencies
Economic Development Highlights
Economic Trends
Plan of Finance
Existing and Proposed Debt Service
Effect of Capital Plan on Debt Policy
2010 Rating Agency Reports (Utilities Revenue Bonds)
In August 2010, the County's credit rating on Utilities Revenue bonds was reaffirmed by Fitch (AA-), Moody's (Aa3), and Standard & Poor's (AA).
Fitch
Moody's
Standard & Poor's
2010 Utilities Revenue Bond Issuance
On August 11, 2010, Utilities Revenue bonds totaling $57.9 million were sold to refinance $25.3 million of outstanding 2001 Utilities Revenue bonds and to fund various water and sewer infrastructure projects approved in the FY 2011 - FY 2015 CIP. Based on the County's bond rating and the bond market at the time of the sale, an "all-in" interest cost of 3.57% was secured; 1.93 percentage points less than the estimated rate of 5.50%. $3.1 million in interest savings will result from the refinancing.
Executive Summary from 6/8/10 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on 6/8/10
2010 Rating Recalibration
In April 2010, Moody’s and Fitch recalibrated their municipal credit ratings to a global rating scale in an effort to enhance the comparability of state and local government ratings to corporate and other ratings. The third rating agency, Standard & Poor’s, did not recalibrate because that agency believes its existing scale for municipal credit is the global rating scale.
General Obligation Bond Rating |
Agency |
Previous Rating |
Recalibrated Rating |
Moody's |
Aa3 |
Aa2 |
Fitch |
AA- |
AA |
S&P |
AA |
n/a |
Utilities Revenue Bond Rating |
Agency |
Previous Rating |
Recalibrated Rating |
Moody's |
A2 |
Aa3 |
Fitch |
A |
AA- |
S&P |
AA |
n/a |
Moody’s and Fitch have cautioned that the recalibration should not be interpreted as an improvement in credit quality. Rather, the adjustments are simply an alignment of the municipal rating scale with the global rating scale.
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Additional Links
Contact Information
Main: (540) 507-7575
Fax: (540) 582-7021
Mary Sorrell, Finance Director
Accounting Staff
Beckie Forry, Controller
Eric Slivka, Accounting Manager
Adam Rollyson, Accountant III/Sr Accountant
Ashley George, Sr Accountant/Internal Controls
Alice Timmerman, Accountant I
Christine Minter, Payroll Administrator
Terri Miles, Accounting Technician II
Pam Pross, Accounting Technician II
Arleen Taninecz, Accounting Technician II
Wendy Warlick, Accounting Technician II
Mailing Address:
PO Box 215
Spotsylvania, VA 22553
Physical Address: Directions
8800 Courthouse Road
Spotsylvania, VA 22553
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