Stafford County announces that all three major rating agencies, Fitch Ratings, Standard & Poor’s and Moody’s Investors Service, have affirmed Stafford’s AAA bond ratings. Stafford remains among only 47 counties nationally and 11 counties in Virginia to achieve a triple AAA bond rating – the highest credit rating available. Fitch cited the County’s robust revenue framework and growth prospects, low long-term liability burden, and outstanding gap-closing capacity as pivotal in their decision.
“Stafford maintaining a triple AAA bond rating reflects the strong financial stewardship implemented by the Board of Supervisors and the leadership from County Administrator Randal Vosburg and his team,” said Chairman of the Board of Supervisors Pamela Yeung. “Stafford County will continue to be one of the best financially managed counties in the United States.”
Favorable credit ratings enable the County to borrow at the lowest-possible interest rates, saving money by lowering Stafford’s debt liability. The savings in interest costs allow the County to invest more in schools, infrastructure, transportation and other projects.
“I’m tremendously proud of the Stafford County team’s ability to maintain these strong financial ratings by Moody’s, Fitch and Standard & Poor’s. The savings in interest costs means we can apply those dollars towards meeting our commitment to the community’s needs and outstanding service delivery,” said County Administrator Randal Vosburg. “Our team remains dedicated to prioritizing good, sound financial management policies and practices for the community we serve.”
Bond ratings for corporations or government agencies are like credit scores. The three primary rating agencies, Moody’s, Standard & Poor’s, and Fitch, provide independent evaluations of a bond issuer’s financial strength and ability to repay a bond’s principal and interest. A AAA bond rating indicates a high level of confidence that a locality can meet its obligations today and in the future.