Standard and Poor's Rating Services raised their rating on Leesburg's General Obligation bonds from double A plus to AAA, town officials announced July 7.
The AAA rating comes as a first for Leesburg, and it means lower interest rates on bonds in the future, according to Leesburg’s Town Manager John Wells. Lower interest rates mean money savings, he said in an official statement.
“Clearly, the hard work that the Town Council and staff have put into financial management, particularly with the development of our long-range budget process, has paid off. We anticipate significant savings through lower interest rates on our bonds, which will be a direct result of the Triple A rating.”
Standard and Poor's Rating Services is one of three major agencies that met in New York in June to discuss the issuing of $23.5 million in bonds later in the summer. In the discussion, all three reevaluated Leesburg for the first time since July 2011.
Moody's Investors Services and Fitch Ratings both stood firm on their previous double AA plus rating, but Moody's changed its outlook for Leesburg from stable to positive. Standard and Poor's Ratings Services and Fitch Ratings both gave the town a stable outlook.
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