Montgomery’s Triple-A Bond Rating Reaffirmed

As reported by the Washington Post, the three major bond rating agencies recently reaffirmed Montgomery County’s Triple-A bond rating. From the article:

The assessment, announced Monday by Fitch, Standard & Poor’s and Moody’s, is essentially a continued vote of confidence in the county’s ability to control debt and manage its finances. It allows Montgomery to sell bonds at favorable rates to raise money for capital construction and other projects, saving taxpayers millions of dollars in interest.

“The rating reflects our assessment of the county’s economic strength and well-embedded financial management practices,’ said Standard & Poor’s credit analysts Lindsay Wilhelm.

County officials responded positively to the announcement.

County Executive Isiah Leggett (D), who traveled to New York last week with Council President Nancy Navarro (D-Midcounty) to meet with analysts, said the rating is the “Good Housekeeping seal of approval,” and reflects difficult decisions made during the recession to close budget gaps and cut county payroll.