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Posted on: June 2, 2017

County Sells Bonds at Favorable Interest Rate; Triple-A Ratings Reaffirmed

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Loudoun County has sold $108.7 million in general obligation bonds at a favorable interest rate of 2.44 percent. The bonds sold above their face value and as a result the county received an additional $11.7 million, which is known as a premium. The sale provides the county with total proceeds of $120.4 million that will be used to finance several general government and school projects, including:

General Government
  • Animal Services Facility
  • Ashburn Recreation & Community Center
  • Braddock Road and Summerall Drive/Supreme Drive Intersection improvements
  • Leesburg Volunteer Fire Department Expansion
  • Lovettsville District Park
  • Lovettsville Fire Station Replacement
  • Route 7/Route 690 Interchange

  • Academies of Loudoun
  • Brambleton Middle School (MS-9)
  • Elementary School Classroom Additions
  • Dulles South Area Elementary School (ES-28)
  • Dulles South Area High School (HS-9)
  • Dulles North Area High School (HS-11)
  • Madison’s Trust Elementary School (ES-27)
  • Dulles South Area Middle School (MS-7)
In advance of the sale, the nation’s top bond rating agencies reaffirmed the county’s triple-A rating on its general obligation bonds, and the high AA and Aa1 rating (AA by Fitch Ratings and S&P Global and Aa1 by Moody’s) on its lease revenue bonds. The ratings agencies noted the county’s strong financial management practices and policies, and manageable debt. Loudoun County has held the Aaa rating from Moody’s since 2004, and AAA from Fitch Ratings and S&P Global since 2005. A high bond rating helps the county get the best possible interest rates to finance capital projects, saving millions of dollars. 

Six bidders submitted offers for the county’s bonds. J.P. Morgan Securities LLC offered the bid with the lowest interest rate which the county accepted. 

More information on Loudoun County finances and the Road to AAA status is online at www.loudoun.gov/BondRatings.  

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