Spotsylvania County government officials announced this week that the county achieved a AAA bond rating — the highest possible credit rating — for the third consecutive year.
All three major rating agencies: Moody’s Investors Service, Standard & Poor’s (S&P) and Fitch Ratings rated Spotsylvania AAA, making the county one of 56 nationwide (1.8% of all U.S. counties) to earn the distinction.
A stable economic outlook, strong fiscal policies, long-term planning and a healthy economic base contributed to the rating, county officials said.
“This reaffirmation reflects the county’s commitment to sound, long-term financial management,” County Administrator Ed Petrovich said in an announcement of the rating. “Our taxpayers benefit not only from the stability this rating reflects, but also from the real cost savings it provides.”
A county’s bond rating impacts the interest rates it pays when borrowing. The county estimated that last year’s rating saved taxpayers $3.4 million in future debt service. A release from the county noted that similar savings are expected with the upcoming $58.1 million Series 2025 General Obligation Public Improvement Bonds, set for sale on Sept. 18. The bonds will provide funding for essential projects that strengthen schools and enhance public safety.
The county released additional promising financial news this week when it announced that visitor spending for the county reached $245.9 million in 2024, a 2.9% increase over 2023 and nearly a 35% boost since 2019. Tourism-supported jobs in the county totaled 2,143 and local tourism-related taxes were $11.4 million.
Visitor spending in the food and beverage industry saw the greatest growth in Spotsylvania in 2024 at 5.3%, yielding $75.2 million. The rate of visitor spending in lodging grew by 2.2%, bringing in $51.9 million. Recreation grew by 2.2% as well, with visitors spending $30.7 million. Retail spending grew by 2%, contributing $34.6 million, while transportation grew by more than 1%, totaling $53.4 million.
“This upward trend clearly shows that Spotsylvania is becoming a more popular destination for travelers, and we will continue our efforts to ensure that our tourism industry continues to thrive for years to come,” Petrovich said.
