The nation’s three leading bond rating agencies have reaffirmed Chesterfield County’s AAA credit rating, a distinction achieved by only about 1% of U.S. localities.

Moody’s Investors Service, Fitch Ratings and S&P Global Ratings all assigned their highest ratings as the county prepares to sell about $90 million in general obligation bonds in early July to fund voter-approved capital projects.

“Since Chesterfield first earned the Triple-AAA in 1997, we have remained extremely protective of the rating and with good reason, as we recognize the immense benefit our local government receives from being able to borrow funds for capital projects at the lowest available interest rates,” said James M. “Jim” Holland, chair of the Chesterfield Board of Supervisors.

The agencies cited Chesterfield’s robust economy, strong fiscal management and conservative budgeting as justifications for maintaining the AAA rating for the 28th consecutive year.

AAA ratings allow localities to borrow money at the lowest available interest rates. Chesterfield estimates it will save around $20 million over the life of the $540 million bond package because of the top tier rating.

The bond proceeds will go toward park upgrades, fire and police station construction, replacement of several elementary schools and other projects approved in a 2022 bond referendum.

“The rating review process also provides a thorough, independent assessment of our financial management practices and assures our citizens that Chesterfield is well-positioned for success today, tomorrow and into the future,” said County Administrator Joe Casey.

Separately, the agencies assigned grades just below triple-AAA to up to $300 million in revenue bonds the county plans to issue next month to help fund the Powhite Parkway extension and other transportation initiatives.