For the tenth straight year, Arlington has scored a financial “triple-triple.” All three major bond rating agencies have just affirmed Arlington’s AAA bond rating, the highest rating available.
“I think it’s especially important at this time, which is very difficult for the economy, local governments and bond markets,” County Manager Michael Brown told board members while announcing the good news today.
“Not many communities can do that,” said board chairman Jay Fisette, who called the top rating “sacrosanct” and “a source of pride.”
Arlington is one of only 35 counties across the country that has a triple AAA rating. It allows the county to borrow money at the lowest possible rates.
Brown cited the county’s strong economic performance, deep reserves and good fiscal management as reasons for the renewal. The rating was granted despite the county moving forward with a $161 million bond referendum that, if approved by voters in November, will fund a new Wakefield High School, infrastructure improvements at Metro, and other major capital expenditures. Some fear that the larger-than-normal bond issue will hurt Arlington’s AAA status.