Carroll County recently received the highly coveted AAA bond rating from all three of the major credit rating agencies. Moody’s granted the county the highest possible rating, following the lead of FitchRatings and Standard & Poor’s (S&P). The rating upgrade translates into a lower interest rate and reduced fees, saving valuable taxpayer dollars.
According to a press release:
The county will immediately feel the improved rating as it readies to finance a new $25M bond sale this week.
The Moody’s ratings rationale “is based on the ongoing expansion of the county’s large tax base and growing revenue streams, resulting in a consistently healthy and stable financial position. The Aaa rating also incorporates the county’s beneficial location near the Baltimore-Washington metro area, above-average resident wealth levels, comprehensive fiscal polies and planning and manageable debt and pension burdens.”
In early October, County Commissioners Dennis Frazier and Stephen Wantz, County Administrator Roberta Windham, Comptroller Robert Burk and Economic Development Director Jack Lyburn travelled to New York City’s financial district to present the county’s case for top ratings to the three rating agencies.
Commissioner Frazier, District 3, said, “This is very exciting as for the first time in history, Carroll County receives the highest rating across the board. This is a win for the county as the ratings will lower our cost of borrowing in the future. This is a great compliment to the county and the reward for its healthy financial position and consistent, conservative fiscal management.”
Read the full press release for more information.