Prince William County Government received a AAA bond rating for the ninth consecutive year. The three major bond credit rating agencies, which include Fitch Ratings, Moody’s Investors Service and S&P Global Ratings, reaffirmed the County’s financial position with a AAA bond rating. This is the highest credit rating available.
“The county’s bond rating is the most significant indicator of how well we are managing the financial position of the county while implementing policies that support the local economy,” said Prince William Board of County Supervisors Chair At-Large, Ann Wheeler. “We are here because we have an excellent county staff.”
Prince William is one of 48 among more than 3,100 counties in the United States to hold the highest rating from all three credit agencies. The triple-AAA status reflects the financial strength and sound fiscal management practices of the county.
“Staying in this AAA top tier is important and allows the county to obtain financing at the lowest possible cost,” said the county’s Chief Financial Officer, Michelle Attreed. “The ratings are a result of the credit analysts’ extensive review of the county’s policies and practices contained in the governing body’s Principles of Sound Financial Management, the Fiscal 2020 and 2021 Adopted Budgets, fiscal year-to-date financial performance, Six-Year Capital Improvement Plan, and the most recent Comprehensive Annual Financial Report.”
Fitch commented, “The ‘AAA’ IDR [Issuer Default Rating] reflects the county’s superior gap-closing capacity and budget flexibility.”
Moody’s stated, “The AAA rating incorporates the county’s sizable, diverse, and growing tax base, above-average resident income levels, healthy and stable fund balance and liquidity supported by conservative budgetary practices and formal fiscal policies, and manageable debt and pension burdens.”
S&P noted, “We believe that the management team’s robust planning initiatives and well-embedded long-term financial forecasting underpins the ‘AAA’ rating and will sustain its credit quality despite the economic disruption underway.”