Fitch Ratings upgraded St. Mary’s County’s credit and bond rating to AAA from AA+, underscoring the County’s robust fiscal management and commitment to maintaining long-term financial stability.
The upgrade to AAA reflects the County’s fiscal prudence and promises future benefits for its residents. The higher rating guarantees access to capital markets at the most favorable interest rates, supporting the County’s ability to invest in critical infrastructure and public services without increasing the tax burden.
Fitch upgraded the following ratings:
- Issuer Default Rating (IDR) from AA+ to AAA
- General obligation (GO) bonds from AA+ to AAA
According to Fitch, the County’s strengths lie in its elevated median household income, low unemployment rate, and substantial financial reserves, which surpassed 25 percent of spending in 2023. Fitch commended St. Mary’s County for its significant budgetary flexibility and prudent management of long-term liabilities.
Nevertheless, challenges persist, including modest population growth and economic dependence on Naval Air Station Patuxent River. According to Fitch, these factors underscore the importance of diversifying the local economy to ensure sustained financial stability.
