Prince William County Receives Highest Credit Rating

Prince William County government announced Wednesday that Standard and Poor's, a financial services company, gave an "AAA/Stable” credit rating for Prince William County on its Virginia Public School Authority (VPSA) bond issuances.

The county said that this rating joins two other from major credit rating agencies Fitch and Moody's. Statisically, a press release from the county said that "only 72 out of the 17,669 (or 0.4 percent) local governments throughout the country have acheieved."

“The confirmation of AAA from Fitch and Moody’s this week along with the new AAA rating from S&P, illustrates that Prince William County is a sound financial investment,” said Corey A. Stewart, Chairman Prince William Board of County Supervisors in the release. “Our superior bond rating and outstanding credit affirms our status as a fiscally responsible and sound local government. Using these bond funds to complete major construction projects for our citizens will allow our residents to continue enjoying the high quality of life they have come to expect at the lowest cost available to our community.”

Regarding the stability of the AAA rating, S&P reported, “The stable outlook reflects our opinion of the county's consistent financial performance throughout the recession, despite a significant decline in [real estate] assessments in 2009 and 2010. We expect the county's capable management team will maintain a solid financial position, as it begins to see growth in the tax base and economically sensitive revenues. The county's strong wealth and income levels, continued economic development, and participation in the diverse Washington, D.C. Metropolitan Statistical Area (MSA) are also stabilizing factors. We do not anticipate changing the rating within the two-year outlook parameter.”

Moody’s reported that it “believes that Prince William County’s efforts to diversify the economy and resulting commercial development will partially offset the impacts of the region-wide real estate downturn…. Industries targeted for significant expansion include life sciences and data storage, as well as the defense-related sector as Quantico Marine Base is located within the county."