Newsroom
For Immediate Release
Friday, June 26, 2009
Arlington's Triple-Aaa Bond Rating Reaffirmed
Agencies: Deep and diverse economy, exceptional financial management, and ample liquidity
NOTE: For information on buying Arlington bonds, go to http://www.buyarlingtonvabonds.com/.
ARLINGTON, Va. – For the ninth consecutive year, Standard & Poor's, Fitch Ratings, and Moody's Investor Services all have given Arlington County’s debt the highest rating: AAA/AAA/Aaa. Arlington is one of fewer than two dozen counties in the United States to carry the coveted triple-A bond rating from all three rating agencies.
Fitch Ratings noted that Arlington County appears to be “bucking regional trends” with relatively stable housing prices and foreclosure activity. “The County’s financial position is strong, with ample liquidity, sound general fund reserves, a competitive tax structure, and excellent financial planning,” the agency said.
The high ratings ensure that the County will enjoy lower interest rates for its planned sale July 13-15, 2009 of up to $139.2 million in General Obligation Public Improvement and Refunding Bonds. Bond proceeds will finance:
- Arlington Public Schools building projects
- Land acquisition related to the Nauck Town Center project
- Completion of Neighborhood Conservation Projects
- Metro rail car and station improvements
- Refunding of up to $100 million of previously issued bonds
“With the Triple-A ratings all three agencies recognize the fundamental financial and managerial strength of the County,” said Deputy County Manager Barbara Donnellan. “The agencies took particular note of the County’s ability to adopt a sustainable budget, maintain and enhance financial reserves, and address long-term community needs in these times of increased economic turmoil.”
More information is available on the County's website. In addition, details on the retail sale of County bonds can be found at http://www.buyarlingtonvabonds.com/.
Arlington, Va., is a world-class residential, business and tourist location that was originally part of the "10 miles square" parcel of land surveyed in 1791 to be the Nation's Capital. It is the geographically smallest self-governing county in the United States, occupying slightly less than 26 square miles. Arlington maintains a rich variety of stable neighborhoods, quality schools and enlightened land use, and received the Environmental Protection Agency's highest award for "Smart Growth" in 2002. Home to some of the most influential organizations in the world - including the Pentagon - Arlington stands out as one of America's preeminent places to live, visit and do business.