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Agencies reaffirm Chesterfield’s Quad-AAA bond rating
July 7, 2026
Four different bond rating agencies have spoken, and each agrees: Chesterfield’s bonds continue to be among the safest investments of any municipal government in the U.S.
For the second consecutive year, the county’s general obligation bonds received AAA ratings from America’s Big Three agencies — Moody’s, Fitch Ratings and Standard & Poor’s (S&P) — as well as Kroll Bond Rating Agency (KBRA).
Last year, Chesterfield became the first Quad-AAA locality in Virginia.
“On behalf of the board, I want to thank staff for their diligence and expertise in financial management,” said Dr. Mark Miller, chair of the Board of Supervisors (Midlothian District). “The comprehensive, independent assessments conducted by the rating agencies reassure residents that as the county makes targeted investments to enhance quality of life, we remain focused on our role as careful stewards of their tax dollars.”
County staff requested the rating review prior to issuing $141 million in general obligation bonds this month to finance ongoing school capital improvement projects – including construction of the new West Ridge High School, which is scheduled to open in August 2027.
These bonds represent a portion of the $540 million authorized by voters in the November 2022 referendum.
A locality’s bond rating is similar to your individual credit score – the higher the rating, the less it costs to borrow money.
In assigning a “stable” outlook to Chesterfield’s bonds, all four agencies cited its large and expanding tax base, strong financial performance and liquidity, and manageable long-term liability position supported by conservative financial policies and planning.
“The county benefits from sustained population growth, a diverse economic base anchored by a broad mix of healthcare, logistics, manufacturing, retail, education, and technology, and strong employment fundamentals, which have supported consistent growth in assessed values and operating revenues,” noted Moody’s.
S&P cited Chesterfield’s ongoing “economic expansion with several large-scale investments,” including LEGO’s $1 billion precision manufacturing facility, which are enabling the county to reduce real estate and personal property tax rates without adversely impacting core public services.
There is a tangible benefit from Chesterfield being able to sell AAA-rated bonds. Every time the county borrows money, the rating helps it obtain the lowest available interest rates. That translates into millions of dollars in savings that can be allocated to other operating or capital priorities to support a growing community.
“We work hard every day to earn the Quad-AAA bond rating and take great pride in the fact that these four independent agencies have once again concluded we’re doing the right things,” said Matt Harris, deputy county administrator for finance and administration, who is currently serving as interim county administrator. “This sends a strong signal to our residents and business community that Chesterfield is well-positioned for lasting success.”
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- Chesterfield County
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