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The original item was published from 10/19/2016 9:31:50 AM to 11/3/2016 12:00:01 AM.

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Purcellville News Flash

Posted on: October 19, 2016

[ARCHIVED] News Release - Fitch Affirms Town's Credit Rating; Upgrades Outlook to "Positive"

PURCELLVILLE, Va. October 19, 2016 — The Town of Purcellville is pleased to announce that Fitch Ratings of New York recently affirmed the Town’s existing “AA” General Obligation credit rating. In addition, Fitch upgraded the outlook for the Town’s rating as “Positive,” given the continued improvement in the “utility system’s financial profile,” among other factors. The rating affirmation comes on the heels of a routine review of the Town’s Credit Rating by Fitch. Summary commentary provided by Fitch in their official report included statements that the Town has “a high level of fundamental financial flexibility…,” “impressive income metrics…,” and “ample general fund balance….”

Furthermore, Fitch stated: “The affirmation of Purcellville’s (the town) ‘AA’ Issuer Default Rating and GO ratings reflects the town’s strong and growing economic base and superior budget flexibility, supporting historically strong operating performance.”

“We are pleased that Fitch has upgraded the Town’s outlook to Positive and continues to recognize the pro-active financial management practices that the Town’s elected leaders promote,” said long-term Town Manager Rob Lohr.

The Fitch Credit Rating is the Town’s third Credit Rating from the Credit Rating Agencies. The other two are “AAA” from Standard & Poor’s and “Aa2” from Moody’s Investors Service. The “AAA” Standard & Poor’s rating is the highest possible long-term Credit Rating provided by the agency. The “AA” Fitch rating and “Aa2” Moody’s rating are both only two notches from the highest possible long-term Credit Ratings from these entities.

“Our Town’s Credit Ratings are in the top tiers of each agency’s respective rating categories. We are reminded that a major contributing factor to this rating, in addition to sound fiscal management, is Purcellville’s very strong wealth and employment metrics. The Town Council is committed to further strengthening our stable financial footing by efficiently managing our water and wastewater utility enterprise, reducing our debt burden, and realizing the revenue potential of our existing assets,” commented Mayor Kwasi Fraser.

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