Newsroom
For Immediate Release
Tuesday, July 13, 2010
Contact: Mary Curtius 703-228-7943 (voice) 703-228-4611(TTY)
Arlington’s Triple-Aaa Bond Rating Reaffirmed
County praised for deep and diverse economy, exceptional financial management, strong reserves
Arlington one of only 35 counties with triple-A rating from all three agencies
Strategic planning singled out
ARLINGTON, Va. – For the tenth 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 only 35 counties in the United States to carry the coveted triple-A bond rating from all three rating agencies.
Each of the agencies noted the County’s outstanding financial management, its solid reserve levels and financial flexibility. Also noted were the County’s moderate debt levels and its strong economic performance against key state and national averages in the areas of unemployment, income and the local tax base.
“These are still difficult times for the economy and for bond markets,” said County Manager Michael Brown, who announced the news at today’s County Board Meeting. “So it is especially gratifying to be solidly reaffirmed as a triple-A government by all three key credit rating agencies.”
The high ratings ensure that the County will enjoy lower interest rates for its planned sale of General Obligation Public Improvement and Refunding Bonds on July 27th and 28th, 2010. Currently, $73.4 million in new money bonds are planned. The County continues to monitor market conditions and may refinance a portion of its outstanding debt to achieve debt service savings. New money bond proceeds will finance:
- Arlington Public Schools projects, including Yorktown High School construction
- Completion of Neighborhood Conservation Projects
- Improvements to the Water Pollution Control Plant
- Metro rail car, system and facilities improvements
This year’s bond issuance will take advantage of the new Build America Bonds (BABs) program. In the current financial environment, BABs will provide the County with an opportunity to further reduce interest costs compared to a traditional tax-exempt bond issuance. Given the taxable structure of these bonds, corporate and institutional buyers are the primary purchasers.
More information is available on the County's website.
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.
