Summary: Prince William County, Virginia; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Prince William County, Va.'s series 2020A general obligation (GO) public improvement refunding bonds and taxable series 2020B GO public improvement refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the county's GO bonds outstanding and on bonds issued through the Virginia Public School Authority, and its 'AA+' long term rating on the county's appropriation-backed debt outstanding. The outlook is stable. The series 2020 bonds and the GO bonds outstanding are secured by revenue from ad valorem taxes, which are unlimited as to rate or amount. Bond proceeds will refund certain maturities outstanding to lower overall debt service requirements. The county's appropriation-backed debt outstanding is payable

...S&P Global Ratings assigned its '###' long-term rating to Prince William County, Va.'s series 2020A general obligation (GO) public improvement refunding bonds and taxable series 2020B GO public improvement refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the county's GO bonds outstanding and on bonds issued through the Virginia Public School Authority, and its '##+' long term rating on the county's appropriation-backed debt outstanding. The outlook is stable. The series 2020 bonds and the GO bonds outstanding are secured by revenue from ad valorem taxes, which are unlimited as to rate or amount. Bond proceeds will refund certain maturities outstanding to lower overall debt service requirements. The county's appropriation-backed debt outstanding is payable from lease payments by Prince William County under certain lease agreements. Although lease payments are subject to annual appropriation, the county pledges its best effort to seek the appropriation's...

Summary