Calvert County recently reaffirmed their highest AAA bond rating from Fitch Ratings and Standard & Poor’s Ratings Services. Moody’s Investor Service gave Calvert County an Aa1 improved from stable to positive outlook as well.
The ratings are assigned to Calvert County’s 2014 issue of consolidated public improvement bonds totaling $9.04 million and are reaffirmed for the county’s outstanding debt.
Standard & Poor’s Rating Services cited the following as the primary reasons for reaffirming the county’s AAA standing: an expanding local economy, strong income and property wealth, historically low unemployment rates and steady property tax base growth, strong finances, sound fiscal policies, conservative management practices and low debt with manageable additional capital needs guided by debt affordability guidelines. The report also notes, “The county’s business outlook appears to be very strong, highlighted by a number of significant economic development projects, including Dominion Resources Inc.’s multibillion-dollar liquefaction project.”
Moody’s Investors Services Aa1 rating reflects “the county’s strong financial position, characterized by comprehensive fiscal policies and practices, healthy liquidity and reserves, and a low debt burden with rapid retirement of principal. The rating additionally considers the county’s affordable capital plan, sizeable tax base in proximity to major employment centers and solid resident wealth levels. The positive outlook reflects our view that the county is well positioned to maintain if not strengthen its credit profile in the near term given its continued high degree of financial flexibility, solid financial management, the recent stabilization of taxable property values and the expected substantial revenue benefits associated with the planned $3.8 billion Dominion Cove Point LNG export project.”
“This news shows that Calvert County remains on the right fiscal track,” said BOCC president Pat Nutter. “A strong credit rating reduces financing costs for our bond issues and that means significant savings to county taxpayers.”
Visit Calvert County’s website to read more.