Fitch Ratings has affirmed Charles County’s AAA bond rating in advance of an upcoming competitive bond sale.
Fitch Ratings assigned a AAA rating to the following Charles County general obligation (GOs) bonds:
- $70 million consolidated public improvement bonds of 2021 (tax-exempt)
In addition, Fitch affirmed the County’s Issuer Default Rating (IDR) and outstanding GO bonds at AAA.
Proceeds from the improvement bonds will finance the costs of certain buildings, facilities, equipment, and grounds. Proceeds of the refunding bonds will go towards refunding GO bonds. The bonds will be sold via competitive sale on November 16.
According to the Fitch Ratings analysis:
Fitch expects Charles County to maintain a high level of financial flexibility throughout economic cycles, consistent with historical performance and supported by superior inherent budget flexibility in the form of an unlimited legal ability to raise revenues and solid expenditure flexibility. The ‘AAA’ rating also reflects solid revenue growth prospects from a growing property tax base, manageable expenditure growth and a low long-term liability burden.
