Loudoun Retains AAA Rating as Bond Sale Approaches

The nation’s primary bond rating trio has reaffirmed Loudoun County’s AAA-general obligation bond rating as the economy continues to rebound nationally and after the Board of Supervisors committed to Metro’s Silver Line extension to Ashburn.

Loudoun County has retained its Aaa rating from Moody’s since 2004, and its AAA ratings from Standard & Poor’s and Fitch Ratings since 2005.

Moody’s noted Loudoun’s “strong and diverse tax base with strong long-term growth potential, above-average wealth levels, consistently solid financial performance, and an average overall debt burden,” while Fitch stated that the Phase II expansion of Dulles Rail into Loudoun “will positively impact the county's dynamic underlying economy.” Standard & Poor’s offered similar comments about the county’s “historically rapid economic and employment growth” and “historically strong property tax base growth.”

Board of Supervisors Chairman Scott K. York said the news means that future infrastructure projects funded by the county can be achieved at lower borrowing costs.

“The reaffirmation of our triple-A rating is good news for Loudoun taxpayers, because it means the county will continue to get the best possible interest rates to finance our capital projects,” he said. 

The news comes comes as the county prepares to sell up to $64 million in general obligation bonds for construction of new projects and up to $110.5 million in re-financings. The sale is scheduled for May 29, 2013. Proceeds from the sale will be used to finance the cost of fire and rescue apparatus, partial construction of four elementary schools, one middle school, and one high school as well as refunding a portion of the county's outstanding bonds.

For more information on Loudoun County finances visit www.loudoun.gov/triple-a.