All three major rating agencies affirmed Baltimore County’s creditworthiness, acknowledging efforts to put Baltimore County on a stronger fiscal footing.
Baltimore County has retained its triple-A bond ratings from all three major rating agencies, allowing the County to continue issuing bonds at the lowest possible interest rate—saving millions of dollars for County taxpayers.
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 49 counties nationwide to receive the highest rating from all three agencies.
“Our strong, diverse, and growing economy—as well as our efforts to address our County’s fiscal challenges head-on—has ensured Baltimore County has maintained the top-tier rating,” Olszewski said. “While we’ve taken critical steps to place Baltimore County on a stronger fiscal footing, we must and will continue to balance future investments in our priorities and obligations, allowing us to make the investments needed without risking our county’s long-term fiscal health.”
According to a press release:
In their reports, the rating agencies noted Baltimore County’s very strong economy, very strong management and diverse tax base. The ratings also incorporate the new financial policies and revenue enhancements that the County’s new administration team is implementing.
The Administration’s first budget closed an $81 million deficit and trimmed $35 million in unnecessary spending while making record investments in public education and taking steps to increase the County’s investment in the trust fund, which supports retiree health care benefits also known as Other Post-Employment Benefits (OPEB).
The County is currently holding the second annual budget town hall series to hear from residents about their thoughts and concerns on how the county should prioritize future spending. Olszewski will submit his second budget on April 15, 2020.
Read the full press release for more information.