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The Bristol Herald Courier
http://www.tricities.com/tristate/tri/news/business.apx.-content-articles-TRI-2007-11-09-0009.html
Friday, November 09, 2007
By Debra McCown
ABINGDON, Va. – Washington County officials announced Thursday that
the county has been given a good credit score from top financial rating
agencies.
"It says we’re extremely
investmentworthy," said Treasurer Fred Parker. "Investmentworthy
means we possess four of the most important qualifiers for being classified as
a strong locality and a stable economy."
He said the qualifiers include a growing,
diversified economy, consistent growth in the tax base, a solid financial
position and a low debt burden.
"We have such a low debt burden that if it
were distributed among all our citizens on a per capita basis it would amount
to just $239 per person," Parker said.
Standard & Poor’s has given the county an A+
bond rating, and Moody’s Investors Service has given the county an A2 rating.
County Administrator
Mark Reeter said Washington County is the only one in Southwest
Virginia that has such high credit ratings, and he acknowledged
county officials’ "extremely good financial management practices."
Assistant County
Administrator Christy Parker, who heads up economic development projects for
the county, called it "one of the most significant economic development
announcements in recent history in Washington
County."
She said the good bond ratings will help attract
industry to the county and are "a very important marketing tool."
She said the ratings will allow for better
financing for capital projects, including increased growth around Exit 7,
school system projects, a regional artisan center, a county recreation complex
and a consolidated county office building.
Also, she said industries want to invest in
localities with healthy, diverse economies – and good bond ratings send a
message that Washington
County is such a place.
"In the next five to seven years, we will see
many, many more economic development opportunities come to fruition,"
Christy Parker said. "Washington
County is rated A+ for
business."
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