Katie Thisdell reports on news from Stafford County. Contact her at email@example.com or at 540/735-1975.
Stafford’s bond rating raised to AA
Stafford County is moving up the financial grading scale. Standard and Poor’s Rating Services has raised the county’s bond rating from AA- to AA.
This rating affects the interest rates on money that the county borrows. They range from D at the bottom to AAA at the top. The higher the rating, the lower the interest rate, ultimately saving the county money.
“I like to say a bond rating is the ultimate report card,” County Administrator Anthony Romanello said. Savings can come to hundreds of thousands of dollars, he explained. Over the next several years, Stafford will be borrowing nearly $100 million combined for its parks and roads projects.
Last year, the Board of Supervisors updated the “Principles of High Performance Financial Management” to guide the county.
“Every decision we’ve made, we always go back to those guidelines,” Supervisor Susan Stimpson said.