Town Of Leesburg Maintains Triple AAA Credit Rating

Press release from the Town of Leesburg:

12/02/2020

Leesburg, VA (December 2, 2020) – All three major rating agencies (Fitch Ratings, Moody’s, and Standard & Poor’s) have affirmed Leesburg’s AAA ratings with stable outlooks on the Town’s upcoming $13.5 million Series 2020 General Obligation (G.O.) Refunding Bonds. AAA with stable outlook is the highest rating a municipal government can receive.

The bonds are scheduled for competitive sale on December 8, 2020, and are being issued to achieve interest savings by refinancing the Series 2011 G.O. bonds and a portion of the Series 2014, Series 2015, and Series 2019 bonds.

“Going to the rating agencies in the midst of the worst economic downtown in more than a decade was a risk, but the prudent financial action to take,” acknowledges Clark Case, Leesburg’s Director of Finance and Administrative Services. “We were confident that our management of the fiscal impacts of the COVID-19 pandemic showed the strength of the Town’s economic base and our established financial policies. The risk paid off as the savings in debt service costs for these bonds will increase our financial flexibility as we continue to weather the pandemic.”

All three agencies cited the Town’s diverse tax base, population growth, and continued economic development as factors in the ratings. Standard & Poor’s called out the Town’s management in particular, noting that the Town’s “financial practices are strong, well embedded, and likely sustainable.”

Copies of all three rating reports are available on the Town of Leesburg website at www.leesburgva.gov/rating-reports.

Media Contact:
Betsy Arnett
Public Information Officer
barnett@leesburgva.gov
703-771-2734

This press release was produced by the Town of Leesburg. The views expressed are the author's own.