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08-20-15 Chesterfield County’s Credit is Stronger than the Nation’s
 
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2015 News Releases

For Immediate Release

Chesterfield County’s Credit is Stronger than the Nation’s

August 20, 2015
Public Affairs

CHESTERFIELD COUNTY, VA — Chesterfield County has been recognized as having a stronger credit rating than the United States government by earning a AAA bond rating – the highest credit rating available – from each of the nation’s top three rating agencies, including Standard & Poor’s, Moody’s Investors Services and Fitch Ratings.

Following meetings last week with county leaders, each of the rating agencies reaffirmed the county’s AAA rating on general obligation bonds, with each rating agency providing a “stable outlook” indicator. Chesterfield County remains in the top 1 percent of counties in the entire nation to carry three AAA bond ratings.

Standard & Poor’s noted that “Chesterfield County’s general obligation bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario.”

Moody’s concluded “the AAA bond rating reflects the county’s strong credit characteristics including a sizeable and diversifying tax base, its carefully managed financial operations with sound reserves and conservative budget management and moderate debt position with manageable future borrowing needs.”

“Maintaining the triple-AAA status not only ensures access to capital markets at the lowest available rates but is also a strong endorsement of the Board of Supervisors’ oversight of the county’s financial and management practices and the community’s outlook moving forward,” said Allan Carmody, director of the department of budget and management.

The rating agencies reviewed the county’s financial position ahead of a bond sale on Tuesday, Aug. 18, that generated $33 million in proceeds to support the ongoing school renovation projects. The bonds were sold at an overall interest rate of 2.46 percent.



Contact Person:  Teresa Bonifas
Contact Email: BonifasT@chesterfield.gov
Contact Phone: (804) 318-8314

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