Fitch Ratings affirmed Baltimore County’s AAA credit rating ahead of the County’s upcoming competitive bond sale. The rating helps maintain low borrowing costs for capital projects and demonstrates the County’s sound fiscal policies, strategic long-term planning, and economic stability.
In addition, Fitch has assigned a AAA rating to the following Baltimore County general obligation (GO) bonds:
- $103,465,000 Baltimore County Metropolitan District bonds – 2024 refunding series
- $124,445,000 Baltimore County Consolidated public improvement bonds – 2024 refunding series
- $45,000,000 Baltimore County Metropolitan District bonds (85th Issue)
- $115,000,000 Baltimore County consolidated public improvement bonds – 2024 series
The GOs are backed by the County’s full faith and credit and limited taxing authority. The County will sell the bonds on July 9, 2024.
Proceeds from the refunding bonds will refund various metropolitan and consolidated public improvement bonds. Proceeds from the Metropolitan District bonds will fund water supply, sewerage, and drainage system projects. The consolidated public improvement bonds will fund public works, community college capital projects, public school buildings, and agricultural preservation projects.
Fitch also affirmed the following ratings:
- Issuer Default Rating (IDR) at AAA
- GO bonds at AAA
- Outstanding COPs at AA+
The Rating Outlook is Stable.
According to the analysis:
The County’s employment base is broad and deep. Government, health care, financial services, and higher education predominate, with skilled manufacturing and technology becoming a growing sector and major focus of economic development. The county’s economy is further anchored by several medical centers, colleges and universities.
