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Posted at 06:13 PM ET, 07/29/2011

Loudoun officials reaffirm county’s financial health

Loudoun County officials expressed optimism that the county would retain its exemplary credit rating, despite the possible impact of a downgrade in the federal government’s credit rating, according to a statement Friday.

Loudoun’s AAA bond credit rating was called into question Thursday when the Moody’s rating agency released a list of 177 local municipalities that will be reviewed for a possible downgrade from AAA bond status, mirroring a potential downgrade in the federal government’s credit rating as the heated debt-ceiling debate continues.

The news came just weeks after Moody’s once again awarded Loudoun County a AAA bond credit rating, based on the county’s strong and diverse tax base, long-term growth potential, a record of solid financial performance and reasonable debt levels, according to county officials.

“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,” said Loudoun Board of Supervisors Chairman Scott K. York (I-At Large) in a statement.

Loudoun County Supervisor James Burton (I-Blue Ridge) expressed frustration that the ongoing debt-ceiling debate might affect local jurisdictions that have worked hard to maintain a high bond credit rating.

“We on the local level work very hard to manage our finances, and we’ve done an outstanding job over the last six years; we’ve had our AAA rating renewed every year because we pay attention to our situation and live within our means,” Burton said. “It is just so frustrating to watch the silliness and the games going on in Washington. Someone needs to give some of those politicians some lessons on governing. This political posturing has gotten way out of hand.”

By  |  06:13 PM ET, 07/29/2011

 
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