For the 14th straight year, Arlington County has received a perfect Aaa/AAA/AAA debt rating from the major credit rating agencies.
Arlington is one of only 39 U.S. counties to receive the highest possible rating. The rating will enable Arlington County to borrow money at a lower rate than other, less creditworthy jurisdictions.
From an Arlington County press release:
“As the County continues to fund critical general government and school capital needs, this reaffirmation of our triple – AAA rating, is an important validation, which allows us to enjoy lower interest rates for our General Obligation bonds and use every dollar as efficiently as possible,” said County Manager Barbara Donnellan.
Moody’s noted that the County’s “continued careful financial management and commitment to maintaining sound financial flexibility are expected to maintain Arlington’s strong fiscal operations.”
Fitch noted that the County’s “debt levels are moderate and expected to remain so given prudent planning and adherence to conservative debt policies.” They also noted that “conservative budgeting, timely tax increases, and closely monitored expenditure controls consistently produce surplus operating results leading to solid reserve levels and liquidity.”
Standard and Poor’s noted the County’s “Very strong debt and contingent liability, driven by low carrying charges, low net debt, and rapid amortization.”
Having a Aaa/AAA/AAA rating ensures that the County will enjoy lower interest rates for its upcoming sale of the Series 2014 General Obligation Public Improvement and Refunding Bonds the week of May 26.