Three national bond rating agencies have issued an AA-Stable Outlook bond rating to Stafford County. Standard and Poors, Fitch and Moody’s Investors Service all issued the AA-Stable Outlook rating, which is reserved for local governments that adhere to high standards in their financial management practices.

“The ratings prove that the Board of Supervisors is managing Stafford’s budget well,” said County Administrator Anthony Romanello. “We are extremely pleased that we were able to preserve our high bond rating, especially in this volatile bond market. Despite the challenging financial times we have faced, and the difficulties of our current budget, we are committed to being fiscally responsible and have always sought innovative ways to manage our budget so that we can provide high quality services to our citizens and business partners.”

The bond ratings help determine the interest that an issuer must pay to attract purchasers to the bonds. The rating agencies evaluate Stafford’s economic standing and other factors including the economic outlook, financial stability, management practices and capital planning.

Over the next two years, Stafford County is preparing to issue bonds worth $95.3 million to finance the renovation of the existing courthouse facilities, construction of new juvenile and domestic relations court facilities, construction of a new library, development of Patawomeck Park, conversion of two existing soccer fields at Smith Lake Park to synthetic turf fields, acquisition and installation of a radio communications system, and refinancing the Potomac Hills Fire and Rescue Station. The Board of Supervisors authorized the issuance of the bonds to finance these projects in December 2007. The AA-Stable Outlook means that the County will continue to receive better interest rates when it borrows money for these projects.

Stafford’s bond rating has consistently improved over the last few years. In 2003, Standard and Poors upgraded the County’s bond rating from A+ Positive Outlook to AA- Stable Outlook. In 2002, Moody’s Investors Service gave Stafford high marks with an Aa3 rating and Fitch rated Stafford with an AA-.

Stafford plans to issue the first bonds in March.

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