Credit rating agencies Moody's, Fitch Ratings, and Standard & Poor's recently awarded Prince William County top bond ratings for the future sale of $32.1 million in General Obligation Bonds and $69.3 million in Special Obligation Financing Bonds, according to a statement released by the county communications office.
General obligation bonds typically fund roads and parks, while school bonds are specifically used for school expenses.
Moody's awarded the county with a rating of Aaa, and the agency praised the county's “strong financial flexibility supported by effective management and ample liquidity, and manageable debt burden.”
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Fitch gave the county an AAA rating for its “favorable location on the outskirts of the Washington, D.C. metropolitan region, its relative affordability, and a well-educated and trained workforce.”
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The county's budget process has sometimes been controversial, but the county attributes the AAA ratings to its control of the budget and its revenue forecasting.
“The confidence that the three major ratings agencies showed in reaffirming Prince William County’s AAA rating is further proof of our Board’s strong fiscally conservative management and highlights the vibrancy of our local economy," Board Chairman Corey Stewart said.
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