Email Sign-Up
Sign up for A-Mail to receive news and updates.
Click here >>
RELEASE
brown-horizontal-line

Albemarle County Newsroom
 


brown-horizontal-line

County Receives AAA Bond Rating From Standard & Poors
8/19/2010

County now has highest bond rating from Moody’s and S&P

Standard & Poor’s Rating Services has assigned its ‘AAA’ issuer credit rating to Albemarle County based on the County’s “favorable overall debt profile, guided by prudent affordability policies and aggressive pay-as-you-go capital spending, as well as long-term planning practices,” according to the report.

“The County’s strong and conservative fiscal policies and well-seasoned management team have enabled the county to maintain its solid financial position and low debt burden, which all add stability to the rating,” said Standard & Poor’s credit analyst Danielle Leonardis.   “The stable outlook reflects our view of the county’s sound and growing local economy, which continues to experience healthy tax base growth and employment diversification.”   Albemarle County received a AAA rating from Moody’s Investor Service in 2003, placing Albemarle among an elite group of less than 90 counties nationwide to achieve the double AAA designation.

The AAA bond rating benefits County citizens in a number of ways, including providing Albemarle with a lower cost of borrowing to finance county projects.  The rating also indicates the type of well-managed fiscal environment that makes the county attractive to businesses and signals a sound and stable long-term economic climate that protects and enhances residents’ commercial and property investments.  

“We are very pleased to join the select group of counties nationwide with a double AAA bond rating,” said County Executive Bob Tucker in announcing the results of S&P’s review.  “This rating was given to Albemarle County by two independent, internationally recognized financial institutions which measured us against the very best communities across the country,  and it speaks well of our strong fiscal policies and practices and the overall quality of life we enjoy here in the county.”

"Achieving a AAA status is difficult under any circumstances but what makes this designation so impressive is that it comes at a time when the national economy is very stressed and all states including Virginia are asking the localities to assume a greater share of the financial burden. The fact that Standard and Poor’s deems Albemarle worthy of their highest rating in spite of these conditions is an affirmation that the future of the county is bright", said Courtney Rogers, Senior Vice President – Public Finance for Davenport and Company.


Return to Newsroom