Washington County, Va., has received a favorable bond rating that will aid in business and industry

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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