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KBRA Assigns a AAA Rating to County of Henrico, VA Water and Sewer System Revenue Bonds, Series 2025D; Stable Outlook

9 Oct 2025   |   New York

Contacts

KBRA assigns a long-term rating of AAA with a Stable Outlook to the County of Henrico, VA Water and Sewer Revenue Bonds, Series 2025D.

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

  • The System provides essential services, has rate setting autonomy and a history of manageable annual increases.
  • Positive financial operations, with a history of healthy debt service coverage and significant liquidity.
  • The System benefits from a favorable service area, with a diverse and growing customer base.

Credit Challenges

  • High level of accounts receivables.

Rating Sensitivities

For Upgrade

  • Not applicable at AAA rating level

For Downgrade

  • While unlikely, a significant decline in net revenue that would affect debt service coverage

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: 1011702