Fuquay-Varina, NC 2019 GO Bonds Assigned 'AAA' Rating


NEW YORK (S&P Global Ratings) April 17, 2019--S&P Global Ratings assigned its 'AAA' rating to the town of Fuquay-Varina, N.C.'s series 2019 general obligation (GO) refunding bonds. At the same time, we affirmed our 'AAA' rating on the town's outstanding GO debt, and our 'AA+' rating on its outstanding limited obligation bonds (LOBs). The outlook is stable.
"The GO rating reflects the town's very strong management practices that have historically demonstrated very strong budgetary performance, fiscal discipline, and enabled the preservation of its very strong liquidity and reserve position," said S&P Global Ratings credit analyst Kaiti Vartholomaios. In addition, the town's favorable propinquity to major employment centers in the greater Raleigh metropolitan statistical area (MSA) and ability to identify future urban planning requirements because of the county's jurisdictional framework will support long-term economic strength and stability.
Fuquay-Varina's full faith and credit pledge to levy ad valorem taxes on all taxable property within the town, without limitation as to rate or amount, secures the series 2019 GO refunding bonds.
Fuquay-Varina, with an estimated population of 30,100, occupies 16.5 square miles in Wake County, approximately 14 miles south of Raleigh.
"The stable outlook reflects our view of the expanding local economy that is advantageously located near the broad and diverse Raleigh MSA, which provides access to employment opportunities throughout the region, leading to ongoing economic development and subsequent tax revenue gains," added Ms. Vartholomaios. The outlook further reflects the town's very strong budget flexibility and liquidity position and consistent financial operations, which historically have been guided by very strong management. As a result, we do not expect to change the rating over our two-year outlook horizon.
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