James City County – and the county’s Economic Development Authority – has maintained the highest bond rating available, which was affirmed last week.
James City County and the EDA have maintained an AAA and AA+ bond rating for general obligation and appropriation-backed obligations, which Standards & Poor Rating Services has affirmed for the next two years.
“The stable outlook reflects our view of James City County’s long history of strong and proactive management and maintenance of a strong financial position. Therefore, we do not expect to change the rating within the two-year outlook horizon,” Standards & Poor noted, according to a release.
Standards & Poor said the county and EDA’s ratings show strong credit and a commitment to repaying debt.
“We are extremely pleased to have our AAA bond rating reaffirmed. This is a positive result of great team work with the Board of Supervisors placing high standards on conservative budgeting and fiscal responsibility combined with a very dedicated and capable staff working hard to achieve those goals and objectives,” said Mary Jones, chair of the county’s Board of Supervisors, in a release.
Included in Standards & Poor’s rating were references to a strong economy in Hampton Roads, the county’s budget flexibility, adequate liability for debt, strong management, available cash, short-term investments, and an adequate fiscal year 2013 budget.
James City County received its first AAA rating from Fitch Ratings in 2010. Sandy Wanner, the county administrator at the time, said in a release the rating would “only aid in securing lower borrowing costs on future loans.”