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Prince William County Park Authority, VA - Moody's Research Report

MOODY'S UPGRADES TO Aa3 FROM A3 THE PRINCE WILLIAM COUNTY PARK AUTHORITY'S (VA) PARK FACILITIES REVENUE AND REFUNDING BONDS, SERIES 1999

Posted on: December 18, 2009, 2:56 pm

NEW YORK, Dec 18, 2009 -- Moody's Investors Service has upgraded to Aa3 from A3 the Prince William County Park Authority's (VA) $17.395 million of outstanding Park Facilities Revenue and Refunding Bonds, Series 1999. The bonds are ultimately secured by a moral obligation pledge of Prince William County (G.O. rated Aa1/stable outlook). The upgrade reflects the County's demonstrated commitment to funding park operations through continued operating subsidies. The Aa3 further incorporates a strong moral obligation mechanism which has never been called upon, the high credit quality of the County and management's identification of parks and recreation as essential components of County services...

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