CountyEarnsAAABondRating

"A lower interest rate saves you money every time you borrow.

"That simple truth highlights Prince William County’s big announcement Tuesday --- that the county’s bond rating has been upgraded.

"The bond rating agency Moody’s upgraded the county’s status from Aa1, which is good, to AAA, which is excellent.

"The news caused major excitement for county officials this week. And while it may result in bewildered looks from residents, the results will be tangible.

"A good bond rating means the county can borrow money at a lower interest rate. That will save the county taxpayers money in the long run as the county borrow to build schools, roads, and other facilities.

"County Executive Meslissa Peacor said that if the county had achieved the AAA bond rating earlier, it would have saved $44 million over the course of its 20-year building projects.

"Supervisors credited Peacor and her staff with the upgrade.

" 'It’s a huge feather in their caps,' said Coles Supervisor Marty Nohe (R).

"Board of County Supervisors Chairman Corey Stewart (R) said Moody’s cited county officials’ good financial management as the reason for the upgrade.

"Spending cuts, stable tax rates, a hefty reserve fund and the continuity of management were listed as the county’s strong points, Stewart said.

"By 'continuity of management,' the rating agency meant that when County Executive Craig Gerhart retired last summer, the board replaced him with Peacor, who had served as his deputy and the county’s
budget director.

"Other executive vacancies within the county government have also been filled by promotions of longtime county staffers recently.

" 'This validates the efforts of this Board of County Supervisors and the management staff we have put in place to run county government,' Stewart said.

"The chairman noted that even during the economic downturn, the county has lowered its crime rate, added money to its reserve fund and cut taxes from 2007.

" 'We now have been rewarded with a bond rating that most jurisdictions long for but never attain,' he said.

"In addition to the Moody’s upgrade, the county also got an upgrade from Fitch. That rating agency had already listed Prince William as AAA but had given it a 'negative watch' status.

"A county official likened that to AAA-minus.

"On Tuesday, Peacor announced that the negative watch had been dropped by Fitch, giving Prince William its perfect AAA back.

"Only seven other localities in the state have AAA ratings from both agencies."

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	Moody's rating agency awards PW County highest bond rating
	("PW earns bond upgrade" by Tara Slate Donaldson, The Gainesville Times, 6 May 2010, pp A1, A11)

	"A lower interest rate saves you money every time you borrow. "That simple truth highlights Prince William County’s big announcement Tuesday --- that the county’s bond rating has been upgraded. "The bond rating agency Moody’s upgraded the county’s status from Aa1, which is good, to AAA, which is excellent. "The news caused major excitement for county officials this week. And while it may result in bewildered looks from residents, the results will be tangible. "A good bond rating means the county can borrow money at a lower interest rate. That will save the county taxpayers money in the long run as the county borrow to build schools, roads, and other facilities. "County Executive Meslissa Peacor said that if the county had achieved the AAA bond rating earlier, it would have saved $44 million over the course of its 20-year building projects. "Supervisors credited Peacor and her staff with the upgrade. " 'It’s a huge feather in their caps,' said Coles Supervisor Marty Nohe (R). "Board of County Supervisors Chairman Corey Stewart (R) said Moody’s cited county officials’ good financial management as the reason for the upgrade. "Spending cuts, stable tax rates, a hefty reserve fund and the continuity of management were listed as the county’s strong points, Stewart said. "By 'continuity of management,' the rating agency meant that when County Executive Craig Gerhart retired last summer, the board replaced him with Peacor, who had served as his deputy and the county’s budget director. "Other executive vacancies within the county government have also been filled by promotions of longtime county staffers recently. " 'This validates the efforts of this Board of County Supervisors and the management staff we have put in place to run county government,' Stewart said. "The chairman noted that even during the economic downturn, the county has lowered its crime rate, added money to its reserve fund and cut taxes from 2007. " 'We now have been rewarded with a bond rating that most jurisdictions long for but never attain,' he said. "In addition to the Moody’s upgrade, the county also got an upgrade from Fitch. That rating agency had already listed Prince William as AAA but had given it a 'negative watch' status. "A county official likened that to AAA-minus. "On Tuesday, Peacor announced that the negative watch had been dropped by Fitch, giving Prince William its perfect AAA back. "Only seven other localities in the state have AAA ratings from both agencies."