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05-07-09 Chesterfield County Utilities Department Earns Highest Rating from Top Services
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Director of Utilities
George B. Hayes, P.E.


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804-751-4607 FAX

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Chesterfield County Utilities
PO Box 608
Chesterfield, VA 23832-0009

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9840 Government Center Parkway,
Chesterfield, VA 23832Map this 

2009 News Releases

For Immediate Release

Chesterfield County Utilities Department Earns Highest Rating from Top Services

May 07, 2009

CHESTERFIELD COUNTY, VA – Chesterfield County Utilities has once again earned a AAA bond rating from the three top rating services, Fitch Ratings, Moody’s Investors Services, and Standard & Poor’s, on its revenue bond issue for 2009. The Utilities Department continues to be one of only three water and sewer utilities in the nation to have this highest rating from all three rating services.

Chesterfield County sold water and sewer revenue bonds in a competitive bid process on Wednesday, May 6. The sale was composed of $47.9 million aggregate principal amount that sold at a true interest cost of 3.62 percent. Achieving the highest ratings possible enables Chesterfield Utilities to receive lower market interest rates, resulting in lower interest payments over the life of the bonds.

The bonds will be used to help pay construction costs for upgrades at its wastewater treatment plants to meet Department of Environmental Quality regulations to lower the nutrient levels that are discharged into the Chesapeake Bay and its tributaries.

All three agencies cited Chesterfield County’s strong management and solid financial position as the basis for their high ratings. Specifically, Fitch Ratings recognized the department’s consistently strong financial results and coverage of debt service, competitive user rates, low debt levels and manageable future capital needs. Moody’s Investors Service reported the department’s long-term trend of well-managed financial operations, strong debt service coverage and ample working capital. Standard and Poor’s referred to historically solid financial management with a stable rate structure and strong debt-service coverage.

“I would like to recognize the Chesterfield County Board of Supervisors, County Administrator James Stegmaier, Deputy County Administrator for Community Development Pete Stith, and the county’s Budget and Accounting departments for their support in our efforts to maintain strong financial operations,” said Roy E. Covington, director of Chesterfield County Utilities. “I also would like to commend Utilities staff for their commitment and dedication to this department. Our employees are the foundation that makes this a triple AAA organization. Maintaining a triple AAA rating in the current state of the economy is an outstanding accomplishment.”

For further information about the triple AAA bond rating, contact Courtney Battista at (804) 748-1876. 

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