Fitch Ratings this week affirmed Charles County’s AAA bond rating in advance of the upcoming competitive bond sale.
Fitch Ratings assigned a AAA rating to the following Charles County general obligation (GOs) bonds:
- $52 million consolidated public improvement bonds of 2020 (tax-exempt
- $47.945 million refunding bonds of 2020 (taxable)
Proceeds from the improvement bonds will be used to finance the costs of certain buildings, facilities, equipment, and grounds. Proceeds of the refunding bonds will be used to refund GO bonds. The bonds are scheduled to sell competitively on October 20.
According to the Fitch Ratings analysis:
The County maintains superior inherent budget flexibility in the form of an unlimited legal ability to raise revenues and solid expenditure flexibility. The County’s strong financial profile also reflects solid revenue growth prospects from a growing property tax base, manageable expenditure growth, and a demonstrated ability to reduce expenditures during economic downturns. Fitch expects the county’s long-term liability burden to remain low.