Prince George’s County Predicts Minimal Bond Impact From Detroit Bankruptcy

A July 19 Washington Post article reports that Prince George’s County officials predict little impact on the County’s AAA rating or bond sales from the Detroit bankruptcy.  The County has roughly $800 million in debt.

As local governments watch the saga in Detroit unfold, they are mulling the ripple effect on their own bond sales. In Prince George’s County, one of a handful of jurisdictions with the coveted Triple A bond rating, the county’s chief administrative officer said he thought the impact would be minimal.  …

[County Executive Aide Bradford] Seamon said that even when U.S. debt was downgraded by Wall Street, “we did not get an indirect effect, and the federal government [debt] is supposed to be stronger than us.

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