Fitch Affirms Harford’s AAA Rating in Advance of Bond Sale

Fitch Ratings assigned a AAA rating to the following Harford County general obligation (GOs) bonds:

  • $75 million GO consolidated public improvement bonds, series 2022A
  • 24 million GO refunding bonds, series 2022B

In addition, Fitch affirmed the County’s Issuer Default Rating (IDR) and outstanding GO bonds at AAA.

The consolidated public improvement bonds will finance certain capital improvements, including water and sewer projects. The County will dedicate proceeds from the series 2022B refunding bond to refunding the County’s series 2012A bonds. The bonds will be sold via competitive sale on February 1, 2022.

According to the Fitch Ratings analysis:

The ‘AAA’ IDR and GO bond ratings reflect the county’s robust financial management, solid revenue growth prospects, ample reserves, and low long-term liability burden. The county’s strong revenue framework and expenditure flexibility support Fitch’s expectation for resilient operations throughout economic cycles.

Read the full analysis for more information.