In these days of higher interest rates for capital financing, every advantage helps as growing localities seek to build new schools and other items desired by an increasing population. This week, Albemarle officials announced that they’ve once again attained a AAA-bond rating, which will keep the county’s borrowing costs lower.
Moody’s Investors, S&P Global, and Fitch Ratings have all affirmed the top score.
“There are about 3,400 counties in the United States, and fewer than 50 have a triple AAA bond rating,” said Supervisor Chair Donna Price. “That’s like having the highest credit score for all three of the ratings for your personal credit.”
Last week, Albemarle issued $109.3 million in public facility and revenue bonds as well as $58.9 million in taxable bonds to cover the cost of the purchase of 462 acres of land near Rivanna Station.
“The public facility revenue bonds will finance approved capital projects, including reimbursements for the recent Mountain View and Crozet Elementary Schools additions, School division-wide maintenance and improvement projects, fire rescue apparatus replacements, and the ongoing Courts facility construction,” reads a press release sent out this week.
According to a release, Albemarle County is the only one of 11 counties in Virginia to receive the distinction.
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