Carroll Earns Three AAA Bond Ratings

This week, Carroll County announced that all three major credit rating agencies reaffirmed the County’s AAA bond rating, the highest possible 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.

The County will sell $30 million in new issue bonds to fund various capital projects for general government, public schools, conservation, and water resources on November 16.

“This year, for the first time in many years, our county team visited the credit rating agencies in New York and delivered a great presentation highlighting Carroll County’s strengths,” said Board of County Commissioner President Ed Rothstein.

According to the Fitch Ratings analysis:

The ‘AAA’ IDR and GO rating reflect the county’s demonstrated ability to maintain healthy financial flexibility. Along with sizable reserves, the county’s broad revenue-raising authority and spending flexibility support its superior level of inherent budget flexibility to address periods of economic stress. Long-term liabilities are expected to remain exceptionally low, reflecting manageable future issuance plans and modest net pension liabilities. Revenue growth prospects are expected to remain solid.

“The rating agencies evaluate many factors before issuing a rating for the county and the renewal of triple AAA ratings from S&P, Fitch, and Moody’s is a testament to the financial success and stability of the county,” said Commissioner President Rothstein. “The staff and the board work diligently to uphold our historically conservative fiscal management policies and strong fiscal planning to maintain this accomplished financial position.”

Links to the credit agency reports are available on the Carroll County Comptroller website.

Economic uncertainty and rising interest rates are concerning for local governments. The MACo Winter Conference general session, “In This Economy? Forecasting and Funding Maryland’s Future,” will examine the state of Maryland’s economy and how to best prepare for an uncertain future.

Learn more about MACo’s Winter Conference: