Henrico's triple AAA bond ratings reaffirmed ahead of bond sale

Henrico County’s triple AAA bond ratings have been reaffirmed by Moody’s Investors Service, Fitch Ratings and S&P Global Ratings.

S&P Global, Moody’s and Fitch Ratings reviewed Henrico’s finances and visited Henrico in February, ahead of a planned sale later this month of $121.4-million in general-obligation bonds by the county. That sale will fund a package of capital improvement projects.

“The reaffirmation of Henrico’s AAA bond ratings is great news for our residents and other taxpayers because it means millions of dollars will be saved as we strengthen our community’s high quality of life by reinvesting in our schools, parks, fire stations and other public facilities," Henrico County Manager John Vithoulkas said. "These independent ratings, once again, recognize Henrico’s outstanding financial stewardship and vibrant local economy. With the upcoming bonds sale, we will continue to deliver the projects that we had outlined when voters went to the polls and approved the 2016 and 2022 bond referendums.”

The proceeds from the coming bond sale, which the county's board of supervisors authorized in January, will fund:

• $86 million for school projects (the new Environmental Education Center at Wilton Farm and replacement schools for Jackson Davis Elementary, Longan Elementary and Quioccasin Middle);• $13.3 million for a new Fire Station 6 in Eastover Gardens;• $17.7 million for an access road to serve the planned Three Chopt Area Park and Henrico Pet Adoption Center and general improvements to Tuckahoe Creek and Tuckahoe parks;• $2.5 million for drainage improvements countywide;• $1.9 million for a widening of Richmond-Henrico Turnpike, which is underway.

In a summary of its findings, S&P Global cited Henrico's "very conservative budgeting" and "thriving local economy," with sports tourism expected to continue growing with the recent opening of the Henrico Sports & Events Center. "Henrico County's extensive and well-integrated financial management, combined with a thriving local economy, has enabled the county to produce a strong track record of financial performance, considerably boosting financial flexibility in recent years," the company said.

Henrico has received AAA ratings from S&P Global and Moody's since 1977. The county became "triple AAA" in 1998, after Fitch joined the other major rating agencies and assigned the county an AAA rating.