Wednesday, July 7, 2010

County Retains Triple-A Bond Rating

We learned today that Montgomery County has retained its Triple-A bond rating from Moody’s, coming off a “watch list” from that agency in April that reflected concern over falling County revenues. Moody’s rating moved Montgomery County to a “stable outlook” category.

The Triple-A bond rating allows Montgomery County to issue bonds for its capital borrowing at the most favorable rates, saving County taxpayers millions of dollars a year. The County had already received Triple-A Stable ratings from the other two bond rating agencies, Fitch and S&P, on $325 million of General Obligation bonds it is issuing tomorrow, July 8th.

I was pleased to join the County Executive and Councilmember Duchy Trachtenberg at today’s announcement and celebration of a real team effort. We responded quickly to changed forecasts, adjusted projections, and made structural changes to build a better fiscal future. At my urging, the Council adopted a requirement for a six-year fiscal plan that will contribute enormously to our future success. Today's announcement is welcome news indeed.

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