The budget for Fiscal Year 2027 recently adopted by the Albemarle Board of Supervisors anticipates spending about $36 million on debt incurred to pay for construction of schools and other infrastructure.
That figure would be higher if the three major bond rating agencies did not grant Albemarle County the highest possible score in their annual review. A high rating means lower interest payments and that will continue with the latest results.
“As of April 13, 2026, Moody’s Investors Service, S&P Global, and Fitch Ratings have reaffirmed Albemarle County’s Aaa/AAA/AAA issuer credit ratings,” reads an information release the county sent out this morning.
Albemarle is one of 54 counties in the entire United States of America to hold the high ratings and has done so since 2013.
In recent years, the county has put that power to work for large investments such as the $58 million purchase of 462 acres around the Rivanna Station military base. Last October the firm AstraZeneca announced it will locate two pharmaceutical manufacturing plants at what is now called Rivanna Futures.
According to the release, Albemarle County sold $139.85 million in two kinds of bonds on April 23. Some are public facility revenue bonds and some are refunding bonds.
“A majority of the proceeds, approximately $114.8 million, will support planned capital projects,” the release continues. “The remaining funds will refinance existing debt, including a portion of the 2023 bonds for the Rivanna Futures property.”
The company Fifth Third Securities won the bid, establishing an interest rate of 3.63 percent over 20 years. The release states that is lower than expected and claimed Albemarle will save about $260,000 on debt payments over ten years as a result.
Each of the ratings agencies have explained the justification for the top ratings.
“The Aaa issuer rating reflects the county’s affluent and vibrant local economy bolstered by the continuously expanding presence of the University of Virginia and multiple military installations,” reads an April 10 release from Moody’s. “Notable recent developments include AstraZeneca PLC’s $4.5 billion biopharmaceutical manufacturing facility and an expansion of Afton Scientific’s facility, which together will create 800 high paying jobs.”
The April 7 press release from S&P Global notes that Albemarle was the victim of a ransomware cyberattack last June.
“Following the attack, the county immediately implemented security measures and engaged cybersecurity experts to assist in assessing and resolving the situation,” reads that release. “The county has since taken steps to strengthen system security and cybersecurity procedures.”
Fitch Ratings issued their latest update on April 13.
“The county’s ‘AAA’ [Issuer Default Rating] and [General Obligation] ratings reflect the county’s ‘aaa’ financial resilience, which is based upon its ample budgetary flexibility and Fitch’s expectations for available reserves to be maintained equal to at least 10 percent of spending,” reads that release.
The latest bond sale is expected to close on May 13, 2026.
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