Update at 4:25 p.m. — Correction to previous update: Arlington officials say that Standard & Poor’s has also assigned it a ‘AAA’ rating.
With the sale of more than $200 million in bonds coming up, Arlington got some good news yesterday from one of the bond rating agencies.
Fitch Ratings affirmed Arlington’s ‘AAA’ rating and said that its rating outlook is ‘stable.’
“Arlington County’s outstanding financial management, highlighted by conservative budgeting, timely tax and fee increases, and closely monitored expenditure controls, consistently produces surplus operating results leading to solid reserve levels and liquidity,” Fitch said in a statement. “The significant presence of the federal government serves to insulate the region from economic downturns and attracts high-wage employment opportunities from information technology, aerospace, defense, and consulting contractors. Economic characteristics remain exceptionally strong underscored by very low unemployment, superior wealth levels, and one of the most highly educated labor forces in the nation.”
Arlington receives new bond ratings before every bond sale — typically once per year. Officials expects to receive ratings from the two other rating agencies soon, according to county spokeswoman Diana Sun.