Fitch Ratings this week assigned AAA ratings to the following Harford County general obligation (GO) bonds:
- $55 million GO consolidated public improvement bonds, series 2021
The proceeds of the series 2021 bonds will fund capital improvement projects, including water and sewer projects. The bonds are scheduled to sell competitively on February 2, 2021.
The GO bonds are backed by the County’s full faith and credit pledge and its unlimited taxing power, for which the County is empowered and directed to levy unlimited ad valorem taxes.
In addition, Fitch has affirmed the following ratings at AAA:
- The county’s Issuer Default Rating (IDR)
- Outstanding general obligation (GO) bonds.
The Rating Outlook is Stable. The AAA IDR and GO bond rating reflect the County’s solid revenue growth prospects, ample reserves, broad budgetary tools, and a low long-term liability burden.
According to the Fitch Ratings Analysis:
The ‘aaa’ operating performance assessment reflects the county’s superior gap-closing capacity relative to Fitch’s expectations of revenue sensitivity to economic cycles, with a solid level of spending flexibility supplemented by ample revenue control and a healthy reserve cushion.