Prince William County Achieves Triple AAA Bond Rating Once Again

The three leading credit rating firms, Fitch Ratings, Moody’s and S&P Global, have each confirmed Prince William County’s AAA/Aaa bond ratings with a ‘Stable’ outlook.

The credit rating agencies looked at the county’s financial profile, which Moody’s evaluated as “very solid” due to steady revenue growth, conservative budgeting and adherence to the county’s stated fund balance policies. The county’s prudent financial management practices, along with sustained economic growth, will ensure the county continues to maintain its strong credit ratings.

According to Fitch, they expect that growth will outpace inflation and that the county will continue to diversify through development, property appreciation and population growth. The county has proved its ability to successfully negotiate recessions by using cost control tools that reduce spending, maintaining its strong financial resilience. Fitch also expects the county to “maintain a high level of financial flexibility given its solid operating performance, healthy available fund balance and moderately low liability burden.”

S&P affirmed its AAA bond rating on Prince William County’s general obligation debt based on longstanding financial practices and policies which have led to historic, consistent and stable financial results. S&P’s report cited expectations that continued economic growth will keep pace with regional growth, which will in turn support the county’s revenue growth.

In its issued opinion, S&P noted that the county’s transition from a historically agricultural region to suburban and residential development contributes to a growing employment diversity and tax bases. The county’s efforts to attract targeted, high-tech and biotech industries, along with manufacturing and advanced logistics facilities, are likely to continue and contribute to revenue growth.

All three of the credit rating agencies cited Prince William County’s proximity to Quantico Marine Corps Base, Fort Belvoir and Washington, D.C. as dynamic components which contribute to financial stability, diversity and growth.

“Achieving the highest bond ratings from each of the three credit rating agencies attests to the Board of County Supervisors steadfast adherence and commitment to our Principles of Sound Financial Management and our commitment to serving the residents of Prince William County,” said Chair At-Large Ann Wheler. “Better credit ratings save county money through lower interest rates, and those savings can be passed on to the taxpayer. Lower interest rates can also allow for more capital investment, which will only improve the quality of life in Prince William County.”

“I am very proud that Prince William County has, once again, achieved triple AAA status,” said Prince William County Executive Chris Shorter. “This shows a commitment to responsible fiscal management, stability and excellence. I would like to commend and thank staff in the Finance Department, Office of Management and Budget, and the Department of Economic Development and Tourism for all their many efforts in preparing for and conducting the rating agency calls on behalf of the county.”