Triple-A Bond Ratings Maintained By Baltimore County

Dundalk MD

03 March, 2021

1:05 PM

Description

BALTIMORE COUNTY, MD — Despite the coronavirus pandemic disrupting economies across the country and around the world, Baltimore County has managed to maintain its triple-A bond ratings from all three major rating agencies, which allows the county to continue issuing bonds at the lowest possible interest rate and saving millions of dollars for county taxpayers. This week, Moody's Investor Service, Fitch Ratings and S&P Global Ratings each reaffirmed the county's triple-A rating, making Baltimore County one of only 49 counties nationwide to receive the highest rating from all three agencies. "Baltimore County is proud to have maintained the highest possible financial ratings, even in the midst of significant economic disruption caused by COVID-19. These ratings affirm our administration's responsible fiscal management and resilient local economy," Baltimore County Executive Johnny Olszewski said in a news release. "Despite the challenges we face, Baltimore County remains on stable fiscal footing and we will continue combating this pandemic while also pushing toward a robust economic recovery." In their reports, the rating agencies noted Baltimore County's "very strong" fiscal management, transparent communication and diverse local economy. Olszewski's first budget closed an $81 million deficit and trimmed $35 million in unnecessary spending while making record investments in public education and taking additional steps to increase funding while stabilizing costs for retiree health care benefits. Anticipating significant economic disruption early in the pandemic, the administration worked in partnership with the County Council to cut more than $125 million from the fiscal year 2021 budget while maintaining key investments in public education, public safety and the county workforce, and strengthening the county's reserve fund balance. Olszewski will submit his next budget April 15.