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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.
Loudoun County's Financial Health Remains Strong
Posted by:
Loudoun News
()
Date: August 05, 2011 07:31AM
Loudoun County's Financial Health Remains Strong
http://www.loudoun.gov/Default.aspx?tabid=3844
In June 2011, Loudoun County once again received the assignment of Moody's Investors Service highest-grade rating of Triple-A (Aaa). Moody’s stated that the county has a strong and diverse tax base with solid long-term growth potential, high wealth levels, consistently solid financial performance and moderate debt levels. In recent action, Moody’s put Loudoun County, the Commonwealth of Virginia and other Northern Virginia jurisdictions on review for a possible downgrade following notice that the US Government could face a downgrade in its credit rating. The action by Moody’s asserts that the economies of the Commonwealth of Virginia, Loudoun County and other Northern Virginia localities are closely aligned with the federal budget and are vulnerable to dramatic changes to federal contracts, leasing and employment.
“We believe that our financial health is as strong as when we last presented to the three ratings agencies in late May and that this review by Moody’s should affirm their recent outlook for Loudoun County,” says Board of Supervisors Chairman Scott K. York.
Loudoun County has consistently been awarded the top rating of Triple-A by the leading credit rating agencies for its proven track record of strong fiscal management. With its strong wealth levels and low overall debt burden, the county has successfully managed through recession and uncertain economic times. In 2005, Loudoun County achieved a full Aaa status with the three major bond rating agencies when Standard and Poor's upgraded Loudoun's bond rating to Aaa. Standard and Poor's joined Fitch Ratings, which upgraded Loudoun to Aaa in June 2005, and Moody's awarded Loudoun its first Triple-A bond rating in 2004.
Loudoun County’s business community, comprised of diversified businesses and economies, is thriving. In June, Moody’s noted that “the county will continue to manage expenditures and maintain a strong financial position, maintaining superior structural balance and financial flexibility when compared with similarly-rated local governments.”
Moody’s cites strong economic indicators in Loudoun County that include:
• A diverse and sizable tax base benefits from solid wealth levels and strong economic development programs.
• A good location and expansion of a high-end employment base, and strong wealth levels.
• A sound financial position.
• A favorable debt profile.
• A substantial $58 billion tax base is diverse with considerable commercial activity including high technology including data centers, telecommunications, defense, health care, life science and air cargo.
• Top employers include MC Dean, Verizon Business, Orbital Sciences Corporation and United Air Lines with a hub located at Dulles International Airport. Loudoun County has experienced record job growth over the last decade, adding 43,000 jobs, a 50% increase since the beginning of the decade. While the county experienced a small decline in net new jobs during the 2009 recession, it continues to outperform Virginia.
• The services sector comprises approximately 40% of the employment base while government, construction and retail each represent between 11% and 16%, demonstrating the relative diversity of the labor market. The county forecasts that by 2040, employment growth will have increased 99% over 2010 levels. Approximately 52% of employed county residents work within Loudoun County, indicating the county's strong economic self-reliance.
Loudoun County will continue to work with Moody’s Investors Service to highlight its strong financial position and positive credit attributes to ensure that the county maintains its Triple-A rating.
###
Contact: Mark Adams, Director, Management and Financial Services, 703-771-5702
Loudoun County Government
P.O. Box 7000 • Leesburg VA 20177
703-777-0100
Directory of County Departments
Directions to County Facilities
http://www.loudoun.gov/Default.aspx?tabid=3844
In June 2011, Loudoun County once again received the assignment of Moody's Investors Service highest-grade rating of Triple-A (Aaa). Moody’s stated that the county has a strong and diverse tax base with solid long-term growth potential, high wealth levels, consistently solid financial performance and moderate debt levels. In recent action, Moody’s put Loudoun County, the Commonwealth of Virginia and other Northern Virginia jurisdictions on review for a possible downgrade following notice that the US Government could face a downgrade in its credit rating. The action by Moody’s asserts that the economies of the Commonwealth of Virginia, Loudoun County and other Northern Virginia localities are closely aligned with the federal budget and are vulnerable to dramatic changes to federal contracts, leasing and employment.
“We believe that our financial health is as strong as when we last presented to the three ratings agencies in late May and that this review by Moody’s should affirm their recent outlook for Loudoun County,” says Board of Supervisors Chairman Scott K. York.
Loudoun County has consistently been awarded the top rating of Triple-A by the leading credit rating agencies for its proven track record of strong fiscal management. With its strong wealth levels and low overall debt burden, the county has successfully managed through recession and uncertain economic times. In 2005, Loudoun County achieved a full Aaa status with the three major bond rating agencies when Standard and Poor's upgraded Loudoun's bond rating to Aaa. Standard and Poor's joined Fitch Ratings, which upgraded Loudoun to Aaa in June 2005, and Moody's awarded Loudoun its first Triple-A bond rating in 2004.
Loudoun County’s business community, comprised of diversified businesses and economies, is thriving. In June, Moody’s noted that “the county will continue to manage expenditures and maintain a strong financial position, maintaining superior structural balance and financial flexibility when compared with similarly-rated local governments.”
Moody’s cites strong economic indicators in Loudoun County that include:
• A diverse and sizable tax base benefits from solid wealth levels and strong economic development programs.
• A good location and expansion of a high-end employment base, and strong wealth levels.
• A sound financial position.
• A favorable debt profile.
• A substantial $58 billion tax base is diverse with considerable commercial activity including high technology including data centers, telecommunications, defense, health care, life science and air cargo.
• Top employers include MC Dean, Verizon Business, Orbital Sciences Corporation and United Air Lines with a hub located at Dulles International Airport. Loudoun County has experienced record job growth over the last decade, adding 43,000 jobs, a 50% increase since the beginning of the decade. While the county experienced a small decline in net new jobs during the 2009 recession, it continues to outperform Virginia.
• The services sector comprises approximately 40% of the employment base while government, construction and retail each represent between 11% and 16%, demonstrating the relative diversity of the labor market. The county forecasts that by 2040, employment growth will have increased 99% over 2010 levels. Approximately 52% of employed county residents work within Loudoun County, indicating the county's strong economic self-reliance.
Loudoun County will continue to work with Moody’s Investors Service to highlight its strong financial position and positive credit attributes to ensure that the county maintains its Triple-A rating.
###
Contact: Mark Adams, Director, Management and Financial Services, 703-771-5702
Loudoun County Government
P.O. Box 7000 • Leesburg VA 20177
703-777-0100
Directory of County Departments
Directions to County Facilities