Chesterfield’s utility department affirms triple-A bond rating

International ratings agency Fitch Ratings has affirmed the Chesterfield County Utilities Department’s triple-A bond rating. Chesterfield County Utilities is one of only three utilities in the nation to have achieved triple-A ratings on its revenue bonds from each of the three top rating services: Fitch Ratings, Moody’s Investors Services and Standard & Poor’s.

This highest of bond ratings recognizes Chesterfield County Utilities’ leadership and numerous financial achievements. The department’s stable financial outlook is particularly unique considering the recent economic downturn. Fitch Ratings identified the department’s sound management practices, strong financial profile, affordable rates and ample treatment capacity, as well as a sufficient water supply, low debt levels and manageable future capital needs. According to Fitch Ratings, “Continued strong management should preserve the system’s superior credit rating.”

“This is confirmation of the excellence that the Chesterfield County Utilities Department staff strives for every day,” said Roy E. Covington, director of the Chesterfield County Utilities Department. “I want to thank the Chesterfield County Board of Supervisors, County Administrator James Stegmaier, Interim Deputy County Administrator Bill Dupler and the county’s Budget and Accounting departments for their support in our efforts to maintain strong financial operations. I am very proud of this organization and grateful for the support of those who contribute to our success.”

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