For the first time in county history, Queen Anne’s County has earned a AAA bond rating from Fitch Ratings.
According to the press release,
Recently, the county’s Finance Director Jonathan Seeman, County Administrator Gregg Todd, and County Commissioner Stephen Wilson went to New York City to present their case for a higher bond rating to the two major rating firms Fitch and Moody’s.
The county went to the bond markets to finance $12.6 million in long-term capital debt such as the new Circuit Court House, school building improvements, and the purchase of heavy equipment, such as that used to clear the roads of snow.
“Fitch gave us AAA, but Moody’s kept us at Aa2, which is two steps below AAA. We’ll keep trying,” said Seeman. “You have to remember, that after the recession, only a few years ago, when we had no Rainy Day fund, we were rated AA+, but with a negative outlook, by both agencies. Getting the AAA is quite an accomplishment for the county.”
“Since then, we’ve shown that the county commissioners have restored the county to sound fiscal management, with stable revenue growth, above average reserves, and relatively low levels of debt. With this rating from Fitch, we’ve joined an elite group of AAA rated counties in Maryland as well as the State of Maryland government, that have this rating ,” Seeman said.
Congratulations to Queen Anne’s County!