Spotsylvania, Va. – August 9, 2019 –Spotsylvania County is very pleased to announce that its General Obligationbond rating has been upgraded to AAA by Standard & Poor’s.This is the highest possible rating and comes after many years of demonstrating strong financial management through adoption of and adherence to fiscal policies; maintaining ample fund balance; ensuring budgetary flexibility; and sustaining manageable debt levels. The county also holds a AAA rating with Fitch.
"It's gratifying to have our efforts to enforce fiscal discipline while providing outstanding services to our taxpayers recognized and rewarded,” said Salem Supervisor Dr. Paul Trampe, Chairman of the Spotsylvania County Board of Supervisors.“
The county has been very deliberate in following financial policies and has rightly earned S&P’s AAA rating,’ added Lee Hill Supervisor Gary Skinner, Vice Chairman of the Spotsylvania County Board of Supervisors. “We will continue working towards earning a third AAA rating from Moody’s, so that Spotsylvania has the highest bond rating from all three independent credit reporting agencies.”
Highlights from S&P’s report:
- “We base the upgrade on the county’s long-term history of strong financial operations supported by very strong management policies and practices, including five consecutive years of audited operating surpluses through fiscal 2018.”
- “We believe Spotsylvania County’s ongoing developments will help expand the county’s already large and diverse tax base and provide additional revenue-raising flexibility, which should help the county maintain its long track record of positive financial operations and very strong reserve levels.”-more-
- “[T]he county’s strong economic base with access to the Washington D.C. metropolitan statistical area (MSA) supports the county’s very strong creditworthiness.”
- “The stable outlook reflects S&P Global Ratings’ opinion of the county’s strongperformance and very strong management conditions. Furthermore, the county has successfully maintained its very strong budgetary flexibility and liquidity despite cash funding a substantial portion of capital needs. The strong and growing local economy with access to the greater Washington, D.C. MSA provides further stability. Therefore, we do not expect to lower the rating within the outlook’s two-year period.”
Additionally, Fitch and Moody’s affirmed their ratings of Spotsylvania’s GOs at AAA and Aa1, respectively.
Once the final ratings reports are received from all three agencies, the full reports along with excerpts from the presentation made by county staff when they visited the rating agencies in New York earlier this month,will be posted to the county’s website.
For further county information:
Michelle McGinnis, Director of Community Engagement
Spotsylvania County Government
Office: (540) 507-7005