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County News

Posted on: January 22, 2021

Chesterfield Utilities Bond Rating Reaffirmed

Department of Utilities

Jan. 22, 2021

CHESTERFIELD COUNTY, VA — On Jan. 13, the Chesterfield County Department of Utilities’ AAA rating was affirmed by Fitch Ratings, one of the top international rating agencies. Chesterfield County Utilities is one of only a handful of water and wastewater utilities in the nation to have achieved AAA ratings on its revenue bonds from each of the three top rating services, including Fitch Ratings, Moody's Investors Services and Standard & Poor's.

Fitch Ratings assigned the Department of Utilities a stable outlook which indicates their belief that the department is well-positioned financially now and in the future. The department received the rating because of its stability, modest operating costs, rate-establishing practices and rate flexibility. It was also recognized for its strong financial profile and ability to remain stable, especially in these unprecedented times.

In its report, Fitch Ratings addressed the coronavirus outbreak and the worldwide uncertainty it created in the water and sewer industry. It recognized that Chesterfield Utilities has not experienced material changes in demand or in its revenue or cost profile. It also noted that Chesterfield continues to suspend service disconnections during this pandemic. 

This rating emphasizes the exceptional practices that the department has put into place. Chesterfield Utilities simultaneously maintains current service systems while diligently planning for any necessary expansions or upgrades.

“I want to thank our employees for their hard work and dedication to making the Chesterfield County Department of Utilities so successful,” said Utilities Director George B. Hayes. “I also want to thank the Chesterfield County Board of Supervisors, along with County Administrator Joe Casey and Deputy County Administrator Jesse Smith for their support. Because of this rating, our water and wastewater customers can be assured of the financial integrity of the department and be confident that we will maintain affordable rates while providing water and wastewater services to meet the needs of our present and future customers.”

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