Credit rating agencies Fitch Ratings, Moody’s and S&P Global affirmed Loudoun County’s AAA rating on its general obligations, noting the county’s strong operating performance, the size and diversity of its tax base and its strong management, according to a Monday statement.
Loudoun County has held Aaa ratings from Moody’s since 2004 and AAA ratings from Fitch Ratings and S&P Global since 2005. The three rating agencies also affirmed Loudoun’s AA+ and Aa1 ratings on the upcoming facility revenue bond sale. public through the Economic Development Authority, as well as ongoing rental income obligations.
Fitch Ratings noted that the county:
Very strong operational performance, supported by strong revenue growth and strong expense flexibility.
Long-term moderate liability load.
The expected strong economic prospects of the county.
Moody’s noted that the county:
Large, diversified and growing tax base.
Healthy and stable cash and cash balance thanks to conservative and proactive budget management.
Debt and pension charges manageable.
S&P’s Global noted that the county:
Thorough and well-integrated financial management and long-term planning.
Solid debt and contingent liability profile.
Each agency also noted actions the county took at the onset of the COVID-19 pandemic against the fiscal year 2020 and fiscal year 2021 budgets to mitigate any negative impact on county finances and operations, says the press release. The shares support each rating agency’s stable outlook for the county’s AAA rating during this period, the statement said.
“The work the Supervisory Board and staff have done to establish and follow sound management practices and tax policies has once again manifested itself in the highest possible credit ratings,” said supervisor Matt Letourneau ( R-Dulles), who is also the president. of the finance committee of the board, in a prepared statement.
“This is particularly notable over the past year as the Board has taken decisive action in the wake of the COVID-19 pandemic to maintain financial flexibility and conserve resources,” he said. declared. “These ratings ensure the best possible value for taxpayers by helping us achieve low interest rates, thereby reducing the cost of our extensive capital improvement program.”
A triple-A rating is important to the county government and taxpayers, the statement said, because it helps the county continue to earn the best possible interest rates to fund capital projects, saving millions of dollars. dollars. The reaffirmation comes ahead of the county’s upcoming sale of general obligation bonds; the proceeds of which will be used for school and general government projects.