Fitch Rates Fauquier County, VA's $13MM GO Bonds 'AA+'; Outlook Stable

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings assigns an 'AA+' rating to the following Fauquier County, Virginia (the county's) general obligation (GO) bonds:

--$13.1 million GO school refunding bonds, series 2012.

The bonds are expected to sell via negotiation on or about Feb. 1st. The bonds will advance refund certain maturities of GO school bonds, series 2006.

In addition, Fitch affirms the following ratings: The bonds are general obligations of the county, for which its full faith and credit are irrevocably pledged.

KEY RATING DRIVERS

STABLE FINANCIAL PROFILE: Sound county financial operations include stable reserve levels in accordance with a prudent fund balance policy and a solid cash position.

FAVORABLE DEBT POSITION: A moderately low debt burden and rapid amortization complement a history of pay-as-you-go capital financing and limited future capital needs.

NARROW ECONOMY: The county's limited commercial and industrial base contains a noteworthy concentration in the volatile construction sector. Employment opportunities in nearby localities have contributed to positive economic indicators, including high wealth levels and low unemployment.

CREDIT PROFILE Fauquier County is located 40 miles southwest of Washington DC and approximately 95 miles northwest of Richmond, and is largely rural and agrarian in nature. Development activity is centered in the county's nine service districts and three incorporated towns, reflecting the county's stated intention to retain its rural character. Construction remains the largest private employment sector at 11.6% of total employment, even after substantial declines resulting from the economic deterioration. Growth in the financial, health, and professional service sectors has offset construction losses, and the county's November 2011 unemployment rate of 4.3% compared favorably to the state and national levels of 5.7% and 8.2%, respectively. Wealth indicators are comfortably above those of the state and nation yet slightly below those of the region as a whole. Assessed valuation (AV) declined a steep 20.8% in the 2009 revaluation, capturing a sharp plunge in residential values; however, non-residential AV was relatively unaffected. Housing prices have since shown signs of recovery. Management chose to set the fiscal 2010 tax rate at $0.97 per $100 of AV, below-the revenue neutral rate, in order to prevent a substantial tax levy increase for county businesses. Fitch believes that the adopted tax rate has allowed the county to retain sufficient revenue raising capacity. The tax rate is high for the state although locally competitive.

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Fitch Rates Fauquier County, VA's $13MM GO Bonds 'AA+'; Outlook Stable

The bonds will advance refund certain maturities of GO school bonds, series 2006. The bonds are general obligations of the county, for which its full faith and credit are irrevocably pledged. STABLE FINANCIAL PROFILE: Sound county financial operations



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Los Angeles, CA -- (SBWIRE) -- 01/16/2012 -- CashAdvance.com announces its new West Virginia Consumer Protection page, as well as similar pages for every state in the union, in order to help consumers stay properly informed to identify and avoid



Fitch Rates Fauquier County, VA's $13MM GO Bonds 'AA+'; Outlook Stable

The bonds will advance refund certain maturities of GO school bonds, series 2006. In addition, Fitch affirms the following ratings: --$35.4 million GO school bonds, series 2006 at 'AA+'. SECURITY The bonds are general obligations of the county,



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