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TOL PR 2016-11-30 Triple A Bond Rating Affirmed Town of Leesburg News Release For Immediate Release November 30, 2016 Media Contact: Betsy Arnett, Public Information Officer barnett@leesburgva.gov  703-771-2734 Fitch Ratings Affirms Town of Leesburg’s AAA Bond Rating Leesburg, VA (November 30, 2016) – Yesterday, Town of Leesburg officials received notification that Fitch Ratings has affirmed the Town’s AAA bond rating for its Issuer Default Rating (IDR) and General Obligation (GO) bonds. In addition, Fitch affirmed the Town’s rating outlook as Stable. Key drivers in the AAA rating include the Town’s historically stable revenues from diverse sources with strong growth prospects and “very healthy” fund balance providing “exceptionally strong” gap-closing capacity. In particular, Fitch noted the Town’s financial resilience in rebuilding reserves following the most recent recession as well as prudent capital planning, conservative debt policies and aggressive amortization that have kept the debt burden manageable. “Usually, the rating agencies only evaluate the Town when we are getting ready to issue bonds,” explained Clark Case, Leesburg’s Director of Finance and Administrative Services. “However, Fitch Ratings updated their rating criteria and, as a result, conducted what is known as a ‘credit surveillance’ on the Town. Obviously, we are very pleased that the Town has maintained its triple A rating and stable outlook, indicating our strong financial position and exemplary fiscal management.” # # #