Charles County recently announced that once again this year, it’s received a AAA bond rating from all three major bond credit rating agencies. Charles County has held its AAA rating, the highest possible rating, from S&P Global Ratings (formerly Standard and Poor’s) since 2015, Moody’s Investors has assigned the bonds a rating of AAA since 2016, and Fitch Ratings has rated the bonds AAA since 2010.
According to a press release:
S&P Global Ratings said Charles County’s budgetary performance is strong. The county had operating surpluses of 3.1 percent of expenditures in the general fund and 8.2 percent across all governmental funds in fiscal 2016.
“Fiscal responsibility and fair stewardship of taxpayers’ dollars is the Board’s top priority,” said Commissioner President Peter F. Murphy, on behalf of the Board. “This continued achievement allows us to continue investing within our county.”
Moody’s evaluation cites the AAA rating is based on the ongoing expansion of the county’s large tax base and growing revenue streams resulting in consistently favorable operating performance and stable reserves.
“It is gratifying the county’s bonds continue to receive the coveted AAA,’” said County Administrator Michael D. Mallinoff, Esq., ICMA-CM. “We remain committed to making financial decisions that protect the interests of the county, and I commend the county finance team and recognize them for a job well done!”
Fitch Ratings expects the county to maintain a high level of fundamental financial flexibility, supported by solid economic and revenue prospects throughout economic cycles, based on its expenditure and revenue flexibility and conservative fund balance policy.
“The taxpayers of Charles County will benefit from the lower interest rates prompted by these AAA ratings,” said David M. Eicholtz, director of the Department of Fiscal and Administrative Services. “For our residents, this equates to savings.”
The highest bond rating assures that the interest rate for the bonds, to be released on November 7, will carry a low interest rate – signifying the low risk of backing a well-managed and strong county.
Read the full press release for more information.