Moody’s Investors Service, a company that assesses bond credit ratings, has upgraded Stafford County’s bond rating from an Aa2 to an Aa1.
The higher a counties bond rating, the lower the cost to borrow money. This means that Stafford County will be able to borrow funds at a lower cost, which will save residents money.
Bond rating agencies look at four criteria when assessing a locality’s financial standing, including finances, the area economy, debt and financial management and governance.
According to data from the Census Bureau, Stafford is now considered ninth in the country for median household income with an average of $96,355.
Additionally, the number of jobs in the county have increased by 42% in the past 10 years, said a release.
According to the board of supervisors, their fiscal management and budgeting have allowed the community to prosper.
“This is very exciting news and we are thrilled that Moody’s recognizes our ongoing fiscal responsibility and budgetary restraint. We have faced challenges along the way and have had to make difficult decisions to continue providing high quality services to our community, but we have never wavered from our goal of improving our bond rating. All of our efforts have been deliberate to move us closer to that goal,” said board of supervisors Chairman Gary Snellings.
