FRANKLIN CO., Va. -

Franklin County was recognized for their fiscal management last week, when the county’s bond rating was bumped up two notches by Standard and Poor’s Rating Services.

The rating service also cited the county’s “sound financial policies,” according to a news release.

The county was previously rated Aa2 by Moody’s Rating Services and the AA- from Standard & Poor’s was upgraded to AA+. This is reportedly only one step from the highest rating a business or government can achieve.

Here’s the full press release:

Franklin County’s bond rating was bumped up two notches last week by Standard & Poor’s Rating Services citing the County’s excellent fiscal management and sound financial policies.

The County was already rated Aa2 by Moody’s Rating Services and the AA- from Standard & Poor’s was upgraded 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 Franklin County 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”.

In its Press Release, Standard & Poor’s cited a number of solid indicators for Franklin County including:

• Very strong budgetary flexibility;
• Strong budgetary performance;
• Very strong liquidity;
• Strong management;
• Very strong debt and contingent liability profile

“The timing of Standard & Poor’s 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”, he added.