Today, Frederick County Executive Jan Gardner announced that the three major bond rating agencies reaffirmed the County’s AAA bond rating.
The ratings — issued by Fitch, Moody’s, and Standard & Poor’s — keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies, prudent long-range planning, and robust economy.
In addition, the County plans to refinance old bonds at a lower rate, which will save an estimated $500,000.
“Frederick County can be proud that our bond rating reflects the strength of our economy and excellent management of our county government and finances,” said County Executive Gardner. “With outstanding services, exceptional schools, safe communities, a diversity of jobs, and a healthy environment, we are well poised for the future.”
According to a County press release:
Frederick County is one of only 49 counties in the nation to earn AAA bond ratings from all three bond rating agencies. The county joined these elite ranks for the first time in June 2016. Top ratings allow Frederick County to pay lower interest rates on the construction of schools, roads, libraries, parks, and more.
In their reports, the rating agencies highlighted Frederick County’s “vibrant economy,” noting that the County Government had “performed extremely well through the pandemic.” They described the county as being in a “strong financial position.” Analysts also commented on the county’s “exceptional” risk mitigation efforts and financial resilience, low overall debt, and its “strong financial position.”
Executive Gardner expressed her appreciation to county employees who work hard every day to ensure taxpayer dollars are well managed. “We have a great team of employees who serve the people of Frederick County well, and they deserve our thanks,” she added.