Fitch Ratings has assigned a AAA rating to the following Frederick County general obligation (GO) bonds:
- $101.620 million GO public facilities project bonds series 2023
In addition, Fitch affirmed the County’s AAA Issuer Default Rating (IDR) and the AAA rating on outstanding GO bonds. The AAA ratings keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies, prudent long-range planning, and robust economy.
On May 16, the County will sell the GO public facilities project bonds. Bond proceeds will finance various capital projects.
According to the Fitch Ratings analysis:
Frederick County remains among the fastest growing counties in Maryland, supported by the availability of developable land and its proximity to employment opportunities in the Baltimore and Washington, D.C. metro areas, within approximately an hour drive.
The county’s ‘AAA’ IDR and GO rating reflects its strong operating performance, supported by a high level of independent revenue raising authority, solid expenditure control, history of conservative budgeting, and low long-term liabilities.