ISLE OF WIGHT

Standard & Poor’s Financial Services LLC, an international credit rating agency, recently upgraded Isle of Wight County’s rating from AA to AA+. This is the third ratings upgrade that the county has received from Standard & Poor’s since 2008.

County officials, led by County Administrator Randy R. Keaton and Director of Budget and Finance Stephanie M. Humphries, along with the County’s financial advisor, Davenport & Company LLC, presented information to Standard & Poor’s as part of an annual review of the County’s qualifications and economic plans.

“The Board of Supervisors’ commitment to its financial policies, such as pay-as-you-go for certain capital projects, and its ability to fund its budgets without increasing the real estate tax rate, are important factors in the rating agency’s analysis of the County’s financial health,” said Assistant County Administrator Don Robertson. “The excellent credit rating will allow the County to continue to receive very favorable and considerably lower interest rates, resulting in significant savings to taxpayers over the life of the bonds.”

According to the S&P ratings report for Isle of Wight County, which was prepared by Danielle L. Leonardis of S&P’s New Nork office and Timothy W. Barrett of S&P’s Washington, D.C. office, the upgraded credit rating reflects the continued growth in the county’s financial position with improving reserves, coupled with ongoing, yet modest, economic development that has contributed to tax base growth.

“The county’s formal fiscal practices and more conservative budgeting approach, which has contributed to three consecutive years of surpluses, further supports the rating,” the report stated. “However, we will continue to monitor the status of the pending litigation and the potential issuance of additional debt, which could place pressure on the rating in the near to moderate term.”