Fiscal Stewardship
AAA Credit Ratings: S&P Global and Fitch
Purcellville maintained AAA from S&P Global across all eight Fraser mayoral years and added a Fitch AAA — making it one of the smallest municipalities in Virginia to hold both simultaneously.
S&P Global
AAA
Maintained 2014–2022
Continuous throughout Fraser's full eight-year tenure
Fitch Ratings
AAA
Added a year following Fraser's departure
Making Purcellville one of VA's smallest dual-AAA municipalities
What AAA Means
AAA is the highest credit rating that S&P Global and Fitch assign to a municipal entity. It signals that the issuer has an extremely strong capacity to meet its financial commitments and that the risk of default is minimal. For a town of roughly 9,000 residents in a 3.1-square-mile footprint, holding AAA from both major rating agencies simultaneously is an unusual distinction.
Rating agencies review municipal balance sheets, revenue streams, debt levels, economic base, and management practices on an ongoing basis. The fact that S&P Global did not lower Purcellville's rating across eight years — during which the town completed three debt-restructuring transactions, managed the COVID-19 pandemic, and distributed $891,932 in CARES Act relief — reflects a consistently maintained financial posture. Fitch's decision to add its own AAA designation a year following his departure represents an independent affirmation of the same posture.
How the Ratings Were Sustained
The conditions that sustained the AAA ratings across eight years can be traced to four consistent practices of the Fraser administration:
No real estate tax rate increases
Fraser's administration did not raise the real estate tax rate during his eight-year tenure, preserving the town's revenue base without compressing resident finances.
Structured debt reduction
Three restructuring transactions reduced interest costs without extending payoff dates — demonstrating disciplined, forward-looking debt management to the rating agencies.
Utility rate discipline
Annual utility increases were held to 0–5%, below the 9% recommendations of outside consultants — evidence of cost management that rating agencies can credit.
Federal grant capture
$10.5 million in ARPA funds and other federal grants funded infrastructure investment without requiring new debt issuance — strengthening the balance sheet.
Key Facts at a Glance
- S&P Global maintained AAA rating for Purcellville throughout Fraser's entire eight-year term (2014–2022)
- Fitch Ratings added its own AAA designation a year following Fraser's departure
- Purcellville became one of the smallest municipalities in Virginia to hold AAA from both S&P and Fitch simultaneously
- AAA is the highest possible credit rating — indicating the strongest capacity to meet financial commitments
- Ratings were maintained through three debt-restructuring transactions and the COVID-19 pandemic
- No real estate tax rate increase was passed during Fraser's eight-year term