Tuesday, October 29, 2013

County Retains AAA Bond Rating

All three bond rating agencies--Standard & Poor's, Fitch and Moody's--reconfirmed the County's AAA bond rating. This is good news because it allows Montgomery County to issue bonds for our capital borrowing at the most favorable rates, saving taxpayers millions of dollars over the life of the bonds. The County's pending issuance will refinance $295 million of bond anticipation notes and $27.7 million of long-term debt. Montgomery County is only one of 38 counties (out of 3,140) in the nation to receive a AAA rating from all three rating agencies.

During the Great Recession, the Council took extraordinary steps to strengthen the County's fiscal health. Starting in 2010, we approved a balanced six-year fiscal plan that ensures the County develops a long-term strategic approach to budgeting. We also made structural changes that have enabled the County to bounce back faster than most jurisdictions nationwide.

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