The national credit rating agencies this week affirmed Purcellville’s strong credit ratings that will allow to the town to achieve low interest rates as it prepares to refinance the town’s debt.
S&P affirmed the town’s AAA rating, the highest rating. Moody’s Investors held the town’s rating at Aa2 and Fitch remained at AA.
According to an announcement by the town, Fitch gave the town a consideration of AAA in two key areas and a consideration of AA in the remaining two areas.
“I commend the Town Council for taking clear and discernible strategic steps to provide structural balance in the Town’s General Fund and Enterprise Fund,” Mayor Kwasi Fraser stated. “The plan we initiated honors our commitment to the citizens, and will continue to be refined, while serving as a solid foundation for the Town’s finances for years to come. Through this effort, we have been able to keep our utility rates flat for the coming year through lowering operational costs and increasing efficiencies, paying down some of the Town’s debt, and bringing in new revenue from some of our underperforming assets.”
Frazer and other council members said the action is an affirmation—in the face of some critics—that the new Town Council’s budget and fiscal strategies are sound.
“Our town’s financial consultants, and now the three national credit rating agencies, have evaluated our approaches and economic outlook and agree that Purcellville is financially strong, and our future is very bright,” Frazer said.