<b>County Keeps High Bond Rating</b>
With an announcement by Standard & Poor’s on Friday, county officials learned that Arlington will keep its triple triple-A bond rating by the country’s top three financial analysts, one of only 20 counties in the U.S. to qualify for such a rating, as of May 2001.
The ratings were given on $39.54 million of General Obligation Public Improvement Bonds, Series 2002, that the county will issue beginning this month to fund projects for schools, libraries, parks and other purposes.
On Friday, Standard and Poor’s announced that it would be giving the county a rating of AAA, joining Fitch Ratings in that assessment. Moody’s Investor Services also gave the county its highest rating, Aaa. These highest-grade ratings also affect $438.2 million in previously issued general obligation bonds.
All three firms made note of Arlington’s response to Sept. 11, and looked favorably on county unemployment levels, income levels, debt burdens and economic growth.
Standard & Poor’s said its AAA rating reflected "a deep and diverse economic base that is one of the anchors of the Washington, D.C. metropolitan area and Northern Virginia economy; above-average wealth indicators; strong financial operations and reserves, and an increasing, yet manageable, debt burden."
Moody’s noted that "Arlington County will improve upon its already substantial economic strength in the near future, due to anticipated development in all sectors. The County’s very favorable location next to the nation’s capital, large, high-quality commercial base, rising housing values and affluent residential base anchor its competitive position."
Fitch Ratings said that its AAA rating was the result of "Arlington County’s growing and diversifying economy, with very low unemployment and very high-income levels, strong financial operations, and moderate debt levels with rapid amortization."
Arlington has held its AAA rating with Standard & Poor’s since 1989 and its Aaa rating with Moody’s Investor Services since 1978. Fitch Ratings awarded the County its AAA rating after Arlington applied to the company last year.
Chris Zimmerman, Chair of the County Board, said the rating is a seal of approval for the county’s current fiscal status, and for county spending plans.
Critics of the County Board, however, have questioned the effect that debt from County Manager Ron Carlee’s proposed Capital Improvement Plan would have on the county’s bond ratings.
Carlee’s proposal came in higher than previous estimates, he said, and failed to include necessary work on the county’s wastewater treatment facility.
"So there’s $11.7 million coming down the pipe," he said last month. "That may be general obligation bonds, through taxes or revenue bonds, coming from water rates."
<b>Corrections</b>
The story "County, Schools Prepare For Reed-Westover" (May 22-28) should have said that the Langston Brown Center, a joint project between the county and the schools, will contain a community center and a high school continuation program.
In the same issue, the story "Budget Vote Shows Signs of Election Politics," should have said that School Board member David Foster is the one current board member who was elected to the board with no local party endorsement, Democratic or Republican.