Fitch Ratings this week affirmed Calvert County’s AAA bond rating in advance of the County’s upcoming competitive bond sale.
Fitch Ratings assigned a AAA rating to the following Calvert County general obligation (GO) bonds:
- $20.3 million consolidated public improvement and refunding bonds, 2020 series (tax-exempt)
- $21.7 million refunding bonds, 2020 (taxable)
The bonds are scheduled for competitive sale on October 22. The proceeds will be used to finance certain public improvements and to refund certain outstanding debt.
In addition, Fitch affirmed the County’s AAA Issuer Default Rating (IDR) and AAA rating on approximately $131.7 million in outstanding GO bonds. The Rating Outlook is Stable.
According to the Fitch Ratings analysis:
The ‘AAA’ GO rating and IDR reflect the county’s low long-term liability burden, very healthy reserve levels, superior budgetary flexibility and prudent budget management, which collectively support an expectation for a high level of fundamental financial flexibility through economic cycles including the current period of economic weakness due to the coronavirus pandemic.