PURCELLVILLE, Va. June 17, 2021 — Moody’s Investor Service released its annual issuer comment report on Purcellville affirming the town’s very high-quality credit position of Aa2. According to Moody’s, notable credit factors include a “robust financial position, a very strong wealth and income profile and a healthy tax base.” This annual update provides a summary of key economic, demographic, financial and operating information within the context of Moody’s rating methodology. It also comments on recent sector trends to include the coronavirus pandemic and finds Virginia localities are generally well positioned to manage through the public health emergency and related economic slowdown.
David Rose, SVP and Head of Public Finance at Davenport, who serves as the Town’s long-time financial advisor, stated, “this affirming of the Aa2 rating should be welcomed news to the citizens of Purcellville. At a time when the impact of COVID-19 has been profound on all local governments, Purcellville has managed to maintain its structural balance budgetarily. The town staff was quick to adjust the town’s pre-pandemic budget and forecast so that Moody’s was able to comment as favorably as they did in stating the Town’s “robust financial position”.”
“This report reflects on the strong leadership of our Mayor and Council, the excellence of our management and the due diligence of the members of the town’s Finance team,” stated David Mekarski, Town Manager.
The Moody’s report is attached and additional financial information can be found on the town's website.