Fitch Ratings affirms Charles County’s AAA bond rating.
Fitch Ratings has assigned a AAA rating to the following Charles County bonds:
- $55 million consolidated public improvement bonds of 2023
In addition, Fitch has affirmed the County’s Issuer Default Rating and outstanding GO and public improvement bonds at AAA.
The superior ratings keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies, prudent long-range planning, and economic stability.
Proceeds of the improvement bonds will be used to finance the costs of certain buildings, facilities, equipment, and grounds. These projects include the construction of a new elementary school and various land preservation efforts. The bonds are scheduled to sell via competitive sale on November 14, 2023.
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 and a low long-term liability burden.