LYNCHBURG 鈥 Bedford County announced this week the county government has received strong ratings in its first-ever credit reviews from two well-known national agencies: Moody鈥檚 Investors Service and S&P Global.
S&P gave the county an AA+ rating, which is just one step below their highest possible rating of AAA 鈥 usually only given to high performing larger localities with more than 100,000 residents, according to a county news release. Bedford County has just more than 82,100 residents, according to the Census Bureau's most recent population estimate.聽
Moody鈥檚 gave Bedford County an Aa2 rating, their third-highest level, according to the release.聽
鈥淏oth ratings reflect Bedford County鈥檚 strong financial health, community growth, and responsible management,鈥 the release said.
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County Administrator Robert Hiss said Bedford County is extremely proud of the ratings聽results from Moody鈥檚 and S&P.聽
鈥淭hese strong ratings show that our work to keep taxes low while managing the County鈥檚 growth is being recognized,鈥 Hiss said in a statement. 鈥淭hey also highlight the disciplined way our staff, departments, and [board of] Supervisors have handled the County鈥檚 finances in recent years.鈥
According to Davenport & Company, the county鈥檚 financial advisory firm, the ratings were based on several key factors that include:
- how the county manages its annual budget;
- responsible planning and funding of long-term projects;
- careful use of debt;
- strength of the local economy; and
- stable leadership from county staff and the Bedford County Board of Supervisors.
A high credit rating assists the county in securing lower interest rates if or when it pursues debt for identified projects.
District 2 Supervisor Edgar Tuck participated in rating review meetings last month.
鈥淭hanks to years of careful planning, we鈥檝e built strong reserves that help protect us in case of unexpected changes in the economy,鈥 Tuck said. 鈥淏edford County continues to grow, thanks to the great quality of life and opportunities we offer here.鈥
Hiss said during the board鈥檚 June 23 meeting said the credit rating review process is a great testament to a lot of financial decisions the board has made in recent years. He thanked county staff and offices that have contributed to the county鈥檚 stable finances and the ratings further show the county government is well run and financially managed.聽
鈥淚t鈥檚 a lot of good things happening in Bedford County as a whole,鈥 Hiss said. 鈥淚t鈥檚 something I think we should all be proud of now and going forward and in terms of nuts and bolts, these quality ratings will pay dividends when the county needs to borrow funds for any future projects such as a [new] social services building and sheriff鈥檚 office expansion. These types of ratings help us indeed and when we鈥檙e getting interest rates for those types of borrowing opportunities.鈥
