Chesterfield maintains highest ratings for financial management

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Chesterfield County officials are proud to announce that the county’s triple A bond rating has been affirmed following an intensive review process by Moody’s, one of the three major rating agencies. In the wake of the downgrade of the U.S. bond rating this past summer and their subsequent inability to address their numerous fiscal challenges, Moody’s placed all of their AAA-rated localities on a negative watch, meaning that a rating downgrade was possible pending evaluations of each individual locality.

Chesterfield County has completed that process, and based on the county’s relatively scant dependence on federal government-related economic activity, its diverse economic base, and its longstanding tradition of prudent fiscal management, Moody’s has decided to remove the county from its negative watch list and fully reinstate Chesterfield County’s status as one of fewer than 25 counties in the U.S. to receive the highest possible financial rating from all three major agencies.

County Administrator James J. L. Stegmaier noted the Moody’s decision “not only grants Chesterfield County access to the lowest borrowing rates available, but also serves as a testament to the path the county has pursued through the recent financial malaise, and to the cooperative leadership of the Board of Supervisors, county administration, the school division and the local business community, which have proved that, unlike Washington, D.C., they can effectively work together to meet any challenge that might arise.”

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