KBRA assigns a long-term rating of AAA to the County of Chesterfield, VA General Obligation Public Improvement Bonds, Series 2026 and assigns a long-term rating of AA+ to the Economic Development Authority of Chesterfield County, VA Revenue Bonds, Series 2026 and assigns a AA+ rating to outstanding appropriation debt. KBRA additionally affirms the long-term rating of AAA on outstanding General Obligation Bonds. All ratings with a Stable Outlook.
Key Credit Considerations
The rating actions reflect the following key credit considerations:
Credit Positives
- Healthy finances with consistently positive operating performance.
- Strong fiscal management policies and oversight.
- Rapidly expanding economy and stability in the tax base.
Credit Challenges
- Liability burden, while still manageable, is growing reflecting the County’s growing population and service needs.
Rating Sensitivities
For Upgrade
- Not applicable at the AAA rating level.
For Downgrade
- While not expected, a considerable drawdown in reserves below the County’s established policy.
- Significant contraction in the tax base or local economy.
To access ratings and relevant documents, click here.
Methodologies
- Public Finance: U.S. Local Government General Obligation Rating Methodology
- Public Finance: U.S. State Annual Appropriation Obligation Rating Methodology
Disclosures
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.
Doc ID: 1015724
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