Baltimore County Maintains Triple-A Bond Ratings From 3 Agencies

Baltimore MD

09 July, 2020

11:29 AM

Description

BALTIMORE COUNTY, MD — Despite the hiccups in the economy attributed to the coronavirus pandemic, Baltimore County has maintained triple-A bond ratings from all three major rating agencies, allowing the county to continue issuing bonds at the lowest possible interest rate, which saves 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. "Our ability to maintain top-tier financial ratings while we navigate this global pandemic speaks to our responsible fiscal management and resilient local economy," Baltimore County Executive Johnny Olszewski said in a news release. "We have taken prudent steps to put Baltimore County on stronger fiscal footing, but we know more difficult decisions remain ahead in order to maintain our focus on meeting the basic needs and goals for our communities—without risking the County's long-term fiscal health." In their reports, the rating agencies noted Baltimore County's very strong management and diverse tax base. The ratings also incorporate financial policies and revenue enhancements that this Administration's new management team is implementing. Olszewski submitted his second budget on April 15, which was approved in bipartisan fashion by the County Council on May 29. The administration's fiscal year 2021 budget made historic cuts while maintaining key investments in public education, public safety and the county workforce, while also taking steps to support the county's investment in the trust fund which supports retiree health care benefits.