Botetourt County bonds get an upgrade
- January 8, 2014
Standard and Poor’s has raised the rating on Botetourt County bonds.
The upgrade by S&P’s Ratings Services gives the county’s general obligation bonds a rating of AA+, compared with a previous rating of AA-.
S&P’s ratings report said the upgrade is based on strong management conditions and budgetary performance and reflects the county’s strong wealth and buying income, very low unemployment levels, strong financial position and management policies, and low debt profile.
Two other major ratings agencies, Fitch and Moody’s, also have given county bonds high marks. In 2010, Fitch Ratings awarded Botetourt an AA+ rating with stable outlook. Moody’s has given Botetourt an Aa2 credit rating with a stable outlook.
County officials say Botetourt has the highest bond ratings in Virginia among counties of similar size. The county had an estimated population of 33,154 in 2012, according to the U.S. Census Bureau..