Fitch Ratings affirmed St. Mary’s County’s AAA credit rating this week. The rating helps maintain low borrowing costs for capital projects and underscores the County’s strong financial management, economic stability, and long-term planning.
In addition, Fitch has assigned a AAA rating to the following St. Mary’s County general obligation (GO) bonds:
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$30,000,000 St. Mary’s County Consolidated Public Improvement Bonds – 2025 Series
The GOs are backed by the County’s full faith and credit and unlimited taxing authority. Proceeds from the bonds will fund a range of capital improvement projects authorized by the County to support infrastructure, public facilities, and community development.
Fitch also affirmed the following ratings:
- Issuer Default Rating (IDR) at AAA
- GO bonds at AAA
The Rating Outlook is Stable.
St. Mary’s County’s AAA rating reflects its strong demographic and economic profile, including a high median household income and low unemployment rate relative to national benchmarks. The County’s financial resilience is also a significant driver, with ample budgetary flexibility supported by broad revenue-raising authority and robust reserves.
As of fiscal year-end 2024, the County’s unrestricted general fund reserves equaled 24.0% of spending, well above the 7.5% minimum threshold required to maintain a AAA financial resilience assessment.
Fitch also highlighted the County’s robust revenue and expenditure control, low revenue volatility, and manageable long-term liabilities. The rating cautions weak population growth trends and economic concentration tied to Naval Air Station Patuxent River, which remains the County’s largest employer.
