St. Mary’s County recently announced that it’s AA+ bond rating has been affirmed by Fitch Ratings. From the County’s press release:
In its review Fitch pointed to the county’s “healthy reserves and budgetary flexibility” as a credit strength, despite a dependence on the military and federal government and the potential of reduced spending; consistent preservation of a separate 6% bond rating reserve and $1.6 million rainy day fund.
The agency also made mention of the county’s “careful management of its capital program spending and issuance of debt” as well as “rapid amortization of debt.” Fitch concludes the county is on track to reduce 80.2% of its current outstanding debt within ten years.
This review was part of a routine surveillance review by Fitch Ratings. The county has not issued bonds since 2009.