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KBRA Affirms AAA Rating for County of Henrico, VA General Obligation Bonds and AA+ Rating for Economic Dev. Authority of Henrico County, VA Revenue Bonds; Outlook is Stable

5 Aug 2026   |   New York

Contacts

KBRA affirms the long-term rating of AAA for the County of Henrico, VA, General Obligation Bonds and AA+ for the Economic Development Authority of Henrico County, VA Revenue Bonds. The Outlook is Stable.

Key Credit Considerations

The rating actions reflect the following key credit considerations:

Credit Positives

  • Growing and diverse property tax base.
  • Strong fiscal management policies and oversight, which have supported growth in unassigned fund balance, healthy liquidity, and the ability to offer taxpayer rebates in certain years.
  • Low fixed costs, including debt service, pensions, and OPEB payments.

Credit Challenges

  • Managing escalating costs associated with ongoing investments in social service programs.

Rating Sensitivities

For Upgrade

  • Not applicable at the AAA rating level.

For Downgrade

  • While not expected, unplanned depletion of reserves to levels below the County’s policy threshold.
  • Significant contraction in the tax base or local economy.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1016360