HomeMy Public PortalAboutTOL NR 2020-12-02 Triple AAA Credit Ratings
Town of Leesburg
News Release
For Immediate Release
Wednesday, December 2, 2020
Media Contact:
Betsy Arnett, Public Information Officer
barnett@leesburgva.gov 703-771-2734
Town of Leesburg Maintains Triple AAA Credit Rating
Town will refinance $13.5 million in general obligation bonds to take advantage
of historically low interest rates.
Leesburg, VA (December 2, 2020) – All three major rating agencies (Fitch Ratings, Moody’s, and
Standard & Poor’s) have affirmed Leesburg’s AAA ratings with stable outlooks on the Town’s
upcoming $13.5 million Series 2020 General Obligation (G.O.) Refunding Bonds. AAA with
stable outlook is the highest rating a municipal government can receive.
The bonds are scheduled for competitive sale on December 8, 2020, and are being issued to
achieve interest savings by refinancing the Series 2011 G.O. bonds and a portion of the Series
2014, Series 2015, and Series 2019 bonds.
“Going to the rating agencies in the midst of the worst economic downtown in more than a
decade was a risk, but the prudent financial action to take,” acknowledges Clark Case,
Leesburg’s Director of Finance and Administrative Services. “We were confident that our
management of the fiscal impacts of the COVID-19 pandemic showed the strength of the
Town’s economic base and our established financial policies. The risk paid off as the savings in
debt service costs for these bonds will increase our financial flexibility as we continue to
weather the pandemic.”
All three agencies cited the Town’s diverse tax base, population growth, and continued
economic development as factors in the ratings. Standard & Poor’s called out the Town’s
management in particular, noting that the Town’s “financial practices are strong, well
embedded, and likely sustainable.”
Copies of all three rating reports are available on the Town of Leesburg website at
www.leesburgva.gov/rating-reports.
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