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. 
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). 
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.

Additional Links

Contact Information

Main: (540) 507-7575
Fax: (540) 582-7021

Mary Sorrell, Finance Director

Accounting Staff
Beckie Forry
, Deputy Director
     of Finance - Accounting
Eric Slivka
, Accounting Manager
Adam Rollyson, Accountant III
    /Sr Accountant
Ashley George, Sr Accountant
    /Internal Controls
Nick Sotier, Financial Systems
Alice Timmerman
, Accountant I
Christine Minter, Payroll
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:
8800 Courthouse Road
Spotsylvania, VA 22553