KBRA Assigns AAA Rating to County of Chesterfield, VA General Obligation Bonds, Series 2025A and 2025B; Outlook Stable

KBRA assigns a AAA rating, Stable Outlook to County of Chesterfield General Obligation Public Improvement Bonds Series 2025A and General Obligation Refunding Bonds Series 2025B. Concurrently, KBRA assigns a AAA rating, Stable Outlook to outstanding parity General Obligation Bonds.

Key Credit Considerations

The ratings actions reflect the following key credit considerations:

Credit Positives

• Healthy finances with consistently positive operating performance.
• Strong fiscal management policies and oversight.
• Rapidly expanding economy and stability in the tax base.

Credit Challenges

• Liability burden, while still manageable, is growing reflecting the County’s growing population and service needs.

Rating Sensitivities

For Upgrade

• Not applicable at the AAA rating level.

For Downgrade

• While not expected, a considerable drawdown in reserves below the County’s established policy.
• Significant contraction in the tax base or local economy.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

• Public Finance: U.S. Local Government General Obligation Rating Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010102

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