James City County’s Bond Rating Upgraded
October 8, 2010
FOR IMMEDIATE RELEASE
Contact: Jody Puckett, James City County Communications Director
Phone: (757) 253-6605
Highlighting James City County’s strong financial position, financial management and diversified economy, Standard & Poor’s Rating Services (S&P) has upgraded the County’s bond rating to AAA, up one notch from AA+. The upgrade means the County was able to refinance older general obligation (GO) bonds at a lower interest rate through a new bond sale. The bond proceeds will refinance the outstanding GO bonds used to finance the construction of Jamestown High School and the James City County Library. The sale will save the County approximately $360,000 over the next five years.
This is the second AAA rating the County has received - the highest rating it can obtain - from the three national rating agencies with Fitch Ratings reaffirming their AAA rating and Moody’s reaffirming their Aa1 rating.
S&P based the upgrade on the County's ongoing economic development and diversification and maintenance of very strong finances. According to S&P, the GO rating reflects the County's:
- Deep and diverse local economy;
- Substantial property tax base with very strong wealth and income indicators;
- Consistently strong financial position and management policies; and
- Moderate debt burden and manageable capital program with a sizable pay-as-you-go component.