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Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Fairfax government retains AAA bond ratings in Latest Debt Sale
Posted by:
Salley
()
Date: February 01, 2020 07:05PM
The Fairfax County government has retained its AAA bond ratings from the nation’s three major rating houses, and recently sold municipal bonds at the lowest rate in county history.
Retaining top ratings from Standard & Poor’s, Fitch Ratings and Moody’s Investors Service “is a terrific accomplishment for Fairfax County and speaks to our fiscal responsibility and prudent management,” said Board of Supervisors Chairman Jeffrey McKay (D).
The favorable bond ratings enabled the county government to sell bonds to Bank of America Merrill Lynch at a low interest rate of 1.80 percent, a figure that represents both new debt and refinancing of existing debt.
The borrowing rate for the new-money portion was 2 percent, and represents the lowest interest rate received for a new-money bond deal in the county’s history, officials said. Proceeds from the Series 2020A bond sale will finance various countywide capital-improvement projects, including schools, transportation, parks, human services, public safety and libraries.
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Retaining top ratings from Standard & Poor’s, Fitch Ratings and Moody’s Investors Service “is a terrific accomplishment for Fairfax County and speaks to our fiscal responsibility and prudent management,” said Board of Supervisors Chairman Jeffrey McKay (D).
The favorable bond ratings enabled the county government to sell bonds to Bank of America Merrill Lynch at a low interest rate of 1.80 percent, a figure that represents both new debt and refinancing of existing debt.
The borrowing rate for the new-money portion was 2 percent, and represents the lowest interest rate received for a new-money bond deal in the county’s history, officials said. Proceeds from the Series 2020A bond sale will finance various countywide capital-improvement projects, including schools, transportation, parks, human services, public safety and libraries.
Attachments: