Fitch Affirms St. Mary’s AA+ Bond Rating

St. Mary's SealFitch Ratings yesterday affirmed St. Mary’s County’s AA+ bond rating, deeming its fiscal outlook as stable.

The AA+ rating keeps borrowing costs low for capital projects, and reflect the County’s sound fiscal policies, prudent long-range planning, and robust economy.

On April 28, the County will sell $30 million of consolidated public improvement tax-exempt bonds. Proceeds from the bonds will be used to pay for various capital projects.

According to the Fitch Ratings analysis:

The ‘AA+’ IDR and GO rating reflect the county’s superior gap-closing capacity underscored by its unlimited legal ability to raise revenue, solid expenditure flexibility and high reserves within the context of expected revenue volatility through the current economic stress.

The rating also reflects the county’s low long-term liability burden and Fitch’s expectation for natural revenue growth in line with to above the level of U.S. economic performance. The county’s economy is highly concentrated in the military and specifically with Naval Air Station (NAS) Patuxent River.

Visit the Fitch Ratings website to read the full rating action commentary.