Cecil County received an upgrade from AA to AA+ from Standard & Poor’s Ratings Services and has received overall positive news regarding its strong financial performance.
From Cecil County’s news brief,
County Executive Tari Moore announced that Cecil County received positive news from two bond rating agencies related to its upcoming issuance of $48,000,000 of 2014 Series Bonds. The bonds will be used to finance parts of the County’s Capital Improvement Programs of FY2013 and FY2014.
“Standard & Poor’s Ratings Services (S&P) raised its long term rating on Cecil County, Md.’s outstanding general obligation debt one notch to ‘AA+’ from ‘AA’ due to strong financial performance as well as implementation of Standard & Poor’s local GO criteria.” S&P went on to cite “very strong management conditions with strong policies and practices.”
“Moody’s Investors Service (Moody’s) has assigned a Aa2 rating to Cecil County’s (MD) $48million Consolidated Public Improvement Bonds of 2014. Concurrently, Moody’s has affirmed the ratings for the county’s $156 million of outstanding parity bonds.” Moody’s went on to cite “stable financial profile supported by sound management practices.”
“The County is committed to prudent and rational fiscal policies.” stated County Executive Tari Moore. “These policies assure the best use of the taxpayer dollars and the highest level of services possible for these dollars. The rating agency actions will ultimately result in savings to the taxpayer.”
To view Cecil County’s news brief, visit Cecil County’s website.