HomeMy Public PortalAboutTOL 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.”
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