HomeMy Public PortalAboutTOL PR 2013-07-02 Fitch Affirms Town's AA+ Bond Rating
Town of Leesburg
News Release
For Immediate Release
Fitch Ratings Affirms Leesburg’s AA+ Bond Rating
Town’s “stable” outlook also affirmed
Leesburg, VA (July 2, 2013) – Town of Leesburg officials announced today that Fitch Ratings has
affirmed the Town of Leesburg’s AA+ bond rating. The Town currently has $59.9 million of
General Obligation (GO) bonds and $46.6 million of GO Utility bonds issued. In addition to
affirming the AA+ bond rating, Fitch also affirmed the Town’s rating outlook as “stable,”
reflecting a high level of confidence in the Town’s fiscal management.
Fitch rating analysts cited the Town’s strong financial management and moderate debt levels,
along with the region’s strong socio-economic indicators, as key factors in the Town’s AA+ bond
rating and stable outlook. In particular, Fitch noted that the Town has adopted a balanced
budget and has maintained financial reserves that are twice what the Town’s fiscal policy
requires. Fitch last affirmed the Town’s bond rating and outlook in July 2011.
“The reason that only Fitch, and not the other rating agencies, took a look at us this year is that
they have new analysts who have not rated Leesburg in the past,” explained John Wells,
Leesburg’s Town Manager. “Since this affirmation is the result of new eyes on Leesburg, we are
especially pleased.”
For a copy of Fitch’s full rating letter, please visit the Town of Leesburg website.
Contact:
Betsy Fields
Research & Communications Manager
bfields@leesburgva.gov
703-771-2734
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