Stafford joins an elite ranking of counties that have an AAA bond rating.
The new rating by Standards and Poors in New York City will allow the county to borrow money for capital projects and other needs at lower interest rates.
Stafford County Board of Supervisors Chairman Gary Snellings, George Washington District Supervisor Bob Thomas, and the chairman of the county’s budget and finance commission traveled to New York City to meeting with the financial rating agency just prior to the Independence Day holiday earlier this month.
“Ladies and gentlemen, I am proud to say as a result of that trip, and as a result of your hard work, Standard and Poors has awarded Stafford County with its highest distinction: a AAA bond rating,” said Snellings.
Stafford now joins 22 other counties in Virginia, including Prince William, that have AAA bond ratings. Stafford and Prince William are the only two counties in the Northern Virginia region to have been awarded the honor.
The credit rating agency credited Stafford’s strong economy, large cash reserves, and effective management.
“We never let the great recession hold us back,” said Stafford County Administrator Anthony Romanello.
Stafford officials also touted strong job growth at the AAA bond rating announcement on the steps of the county government center on Tuesday. Stafford now boasts 40,000 local jobs – one for each household — in the county. Romanello said efforts to attract new employers will continue to keep more commuters off the highways and to work locally.
Stafford’s bond rating was increased from AA+ to AAA. Romanello said only 4% of counties in the U.S. had been awarded this rating. His mission now, he said, is to secure AAA bond ratings with all three major credit rating bureaus.
“It’s difficult to achieve an AAA bond rating, and it’s even harder to maintain a AAA bond rating,” said Romanello.
