Bonds – 2023 Bond Issuance

Current Bond Rating Summary

2023 Rating Agency Reports - General

In August 2023, County representatives met with Fitch, Moody’s and Standard & Poor’s to present current economic and financial information pertaining to Spotsylvania County. The presentation is available here.  

The County has held AAA ratings from Standard & Poor’s since 2019, and from Fitch since 2016. On August 25, 2023, the County was notified of its rating upgrade from Aa1 to Aaa by Moody’s Investor Service.  Below are the rating reports from each agency:

Fitch
Standard & Poor’s
Moody’s

2023 General Obligation Bond Issuance

On August 22, 2023, the Board of Supervisors approved the issuance of up to $66.5 million in General Obligation (GO) bonds to finance the following projects:

• Replacement of Co. 3 (Partlow);
• Rural road safety improvements;
• Roundabout – Old Plank & Chancellorsville;
• Roundabout – Old Plank & Andora;
• Chancellor Park sidewalk;
• Momentum Drive access road;
• VA Hospital Commitments:
  • Four Mile Fork multimodal improvements & Rt. 1 revitalization;
  • Germanna Point Drive extension;
  • Exit 126 southbound ramp improvements;
  • Rt. 1 & Hood Drive intersection improvements;
• Widening of Harrison Road – Old Plank to Gordon; and
• School technology, bus replacements, and school building capital maintenance.

Then, on September 6, the County sold $58.3 million in GO bonds at an “all in” true interest cost of 3.61%.    

Executive Summary from August 22, 2023 Board of Supervisors Meeting
Resolution Adopted by Board of Supervisors on August 22, 2023