Fitch Ratings said it upgraded Gloucester County, Va.'s $7.2 million Economic Development Authority of lease revenue refunding bonds, series 2006 to AA-minus from A-plus, and the county's implied general obligation rating to AA from AA-minus.
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The rating outlook is stable.
The bonds are limited obligations of the Economic Development Authority (EDA) of Gloucester County, and are payable from lease rental payments from Gloucester County to the trustee, subject to an annual appropriation by the county board of supervisors.
The upgrade of the implied GO to AA recognizes the county's conservative budgeting practices, consistently positive operating results, and maintenance of high financial reserves.
