Fairfax County Maintains AAA Credit Rating
Jan. 12, 2009
In advance of a bond sale scheduled for Tuesday, Jan. 13, Fairfax County has retained its AAA credit rating from all three rating agencies – Moody’s Investors Service, Standard & Poor’s Corporation and Fitch Ratings.
“Retention of the AAA rating is crucial during these uncertain economic times and is a testament to the strong and consistent financial management practiced by the county for many years,” said Board of Supervisors Vice Chairman Sharon Bulova, who chairs the board’s Budget Committee.
Each of the rating agencies reported that the county’s outlook was stable, meaning that despite the recent decline in assessed values, the agencies consider the impact to be well within the county’s ability to continue to provide essential services and ensure payments to bondholders. The county’s self-imposed financial and debt management guidelines were mentioned as strengths by all three ratings services.
Fairfax County has held the AAA rating from Moody’s since 1975, from Standard & Poor’s since 1978 and from Fitch Ratings since 1997. As of Dec. 29, 2008, only seven states, 22 counties and 23 cities in the nation have a AAA rating from each of these agencies.
Since 1978, Fairfax County has saved approximately $257.93 million on bond sales due to its AAA rating on new public improvement bonds. Including refunding sales, the county has saved more than $364.39 million.
Contact: Merni Fitzgerald, Director, Office of Public Affairs
703-324-3189, TTY 711, Media Pager: 703-324-NEWS (6397)
To request this information in an alternate format, call 703-324-3187, TTY 711