N E W S R E L E A S E
May 30, 2014
FOR IMMEDIATE RELEASE
Jody Puckett, Communications Director
James City County bond rating affirmed
Standards and Poor (S&P) Rating Services has affirmed James City County’s AAA and AA+ bond rating for its general obligation and appropriation-backed obligations for the next two years. The rating also includes the County’s Economic Development Authority and, according to S&P, reflects the County's strong general credit characteristics, commitment to repay appropriation-backed obligations and strong contractual provisions that include an absolute and unconditional payment provision upon annual appropriation.
S&P noted the following credit factors in its rating evaluation:
- A strong Hampton Roads local economy.
- The County’s budget flexibility and availability of reserves.
- An adequate FY 2013 budget performance showing a general fund surplus of $1.9 million with a 3.3 percent deficit in expenditures.
- Very strong liquidity, with available cash and equivalents and short-term investments.
- Very strong management conditions, with strong policies and practices in place.
- An adequate debt and contingent liability profile.
“We are extremely pleased to have our AAA bond rating reaffirmed. This is a positive result of great team work with the Board of Supervisors placing high standards on conservative budgeting and fiscal responsibility combined with a very dedicated and capable staff working hard to achieve those goals and objectives,” says Mary Jones, Chair of the Board of Supervisors.
The future appears stable as well. S&P noted, “The stable outlook reflects our view of James City County's long history of strong and proactive management and maintenance of a strong financial position. Therefore, we do not expect to change the rating within the two-year outlook horizon.”