HomeMy Public PortalAboutTOL PR 2014-07-07 Triple A Bond Rating
Town of Leesburg
News Release
For Immediate Release
Leesburg Achieves Coveted Triple A Bond Rating
Town’s outstanding financial management and long range budget framework,
along with the strong local economy, credited with the rating increase.
Leesburg, VA (July 7, 2014) – Town of Leesburg officials announced today that Standard &
Poor’s Ratings Services raised its rating on the Town’s General Obligation (GO) bonds to AAA
from AA+. Last month, Town officials met with representatives from all three major rating
agencies in New York, in preparation for issuing $23.5 million in new GO and refunding bonds
later this summer.
Standard & Poor’s Ratings Services awarded the Town its first AAA rating, with a stable outlook.
Moody’s Investors Services affirmed the Town’s Aa1 rating, but revised the outlook from stable
to positive. Fitch Ratings maintained the Town of Leesburg’s AA+ bond rating with a stable
outlook.
“We are, of course, delighted that Standard & Poor’s has awarded Leesburg a Triple A bond
rating,” said John Wells, Leesburg’s Town Manager. “Clearly, the hard work that the Town
Council and staff have put into financial management, particularly with the development of our
long-range budget process, has paid off. We anticipate significant savings through lower
interest rates on our bonds, which will be a direct result of the Triple A rating.”
The last time that the Town’s bond rating was reevaluated by all three agencies was in July
2011. Copies of the three rating letters are available on the Town of Leesburg website.
Contact:
Betsy Fields
Research & Communications Manager
bfields@leesburgva.gov
703-771-2734
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