The Franklin News-Post|
P. O. Box 250
310 Main Street, SW
Rocky Mount, Virginia 24151
Friday, March 21, 2014
By CHARLES BOOTHE - Staff Writer
Franklin County's bond rating has increased, jumping up two steps to put the county at the top in the region.
County Administrator Rick Huff said the bond rating from Standard & Poor's increased from AA- to AA+, only one step from the highest rating a business or government can achieve.
"This is excellent news," said David Cundiff, chairman of the board of supervisors. "As we are looking at the bond market in the near future to secure financing for an upgrade to our public safety radio system, an expansion of our career and technical education facilities and additional business park sites, this higher bond rating will help insure lower cost interest rates that will save our citizens significant dollars over the life of the bonds."
Huff said Standard & Poor's cited a number of solid indicators for the county including.
•Very strong budgetary flexibility.
•Strong budgetary performance.
•Very strong liquidity.
•Very strong debt and contingent liability profile.
"The timing of the upgrade for Franklin County is very helpful," said county Finance Director Vincent Copenhaver. "The board has worked hard to balance very difficult economic conditions over the last several years and this recognition is a welcomed response to those efforts."
Gills Creek Supervisor Bob Camicia praised the county's staff for their work in helping to achieve the high bond rating.
That rating will allow the county to borrow money at the best possible interest rates.