PWC’s AAA Bond Ratings Reaffirmed
Prince William County continues to take a fiscally conservative and strategic approach to its finances, and the results have been remarkable. I’m proud to report that once again, Moody’s Investors Service, Fitch Ratings and Standard & Poor’s Ratings Service have reaffirmed AAA ratings for Prince William County’s upcoming sale of $32.1 million General Obligation Public Improvement Bonds, $69.3 million in Special Obligation School Financing Bonds and $647.2 million in outstanding General Obligation debt.
In their reports, all three rating agencies highlighted positive aspects leading to the AAA ratings including Prince William County’s strong tax base, well-educated and diverse workforce, and affordability. All three agencies also mentioned the County’s financial management practices. According to Moody’s, the County’s AAA rating is a reflection of its strong financial flexibility supported by Prince William’s “effective management and ample liquidity”. Standard & Poor’s noted that “finances are, in our view, strong and have remained consistent throughout the recession due to a conservative and pro-active financial management team.” Additionally, Fitch Ratings noted that “reserve levels and financial flexibility remain sound, supported by prudent fiscal policies and multi-year planning.”
Economic development efforts have been targeting data centers and high tech and bio-tech industries, subsequently providing the county with a low unemployment rate of 4.8% in 2013. The Bureau of Labor Statistics ranks Prince William County #1 in Virginia and #3 in the Nation for job growth. And in four of the past five years, CNN Money has ranked Prince William County among the top counties in the nation for job growth – currently on their list at #8 in the nation.
The reaffirmed AAA bond ratings and job growth rankings are solid indications of Prince William County’s vibrant and growing economy, which has allowed us to make investments in the community at a low cost to taxpayers.
To find more information about the County’s AAA bond ratings, please visit: www.pwcgov.org