ROANOKE COUNTY, VA (July 19, 2011) – A recent review by Standard & Poor’s Rating Service finds Roanoke County’s financial performance and position very strong. As a result, the rating agency has raised the County’s rating on its general obligation debt one notch from ‘AA’ to ‘AA+’ with a stable outlook.
Rating agencies, such as Standard & Poor’s (S&P), periodically review the bond ratings of all municipalities. When conducting a review, the agencies look at a number of factors including: economy, debt structure, financial condition, demographic factors, and management practices.
S&P’s report found Roanoke County to have a healthy local economy, above-average income and wealth levels, low unemployment, and limited additional capital needs. “The upgrade reflects our assessment of the county’s consistently good economic growth and good financial practices and policies that have helped management maintain, what we consider, a very strong financial performance despite a slowdown in the regional economy.” “In our opinion, the county’s financial performance and position remain very strong following five consecutive years of operating surpluses.”
Roanoke County maintains a ‘Aa1’ rating with Moody’s and a ‘AA+’ rating with Fitch.