All three major rating agencies affirmed Baltimore County’s creditworthiness despite fiscal challenges
Baltimore County Executive Johnny Olszewski recently announced that Baltimore County has retained its triple-A bond rating from all three major rating agencies, allowing the county to continue to issue bonds at the lowest possible interest rate, saving millions of dollars for Baltimore County taxpayers.
According to a press release:
Moody’s Investor Service, Fitch Ratings, and S&P Global Ratings have each affirmed the county’s triple-A rating, making Baltimore County one of only 45 counties nationwide to receive the highest rating from all three agencies.
“Our county’s strong and diverse economy allows us to maintain the coveted triple-A rating, which is good news for taxpayers and for our ability to continue to borrow at the lowest possible rate for critical capital projects like school construction and infrastructure,” Olszewski said. “The agencies all acknowledged that, while we are facing fiscal challenges, we are taking important steps to address them.”
“Maintaining Baltimore County’s creditworthiness is critical for ensuring we can continue to borrow the capital dollars we need at a low cost to taxpayers,” said County Council Chairman Tom Quirk. “I look forward to working with the County Executive and my colleagues on the council to ensure we can continue to maintain our triple-A ratings.”
In their reports, the agencies noted Baltimore County’s strong economy and diverse tax base. However, all three also noted the county’s impending budgetary gaps, and Moody’s gave the county a negative outlook, noting the mounting challenges and additional capital needs in the coming years.
Since taking office in December, Olszewski has taken a number of steps to share information about the county’s fiscal challenges and to address the $81 million deficit projected for the coming fiscal year.
Read the full press release for more information.