Good news: Montgomery County has maintained its Triple-A bond rating for 2017 from three Wall Street bond rating agencies. Fitch, Moody’s, and Standard & Poor’s all affirmed the “AAA” rating – the highest achievable -- for the County. They all termed the outlook for Montgomery County as “stable.” Here's the press release:
County Executive Ike Leggett today announced that Montgomery County has maintained its Triple-A bond rating for 2017 from all three Wall Street bond rating agencies.
Fitch, Moody’s, and Standard & Poor’s all affirmed the “AAA” rating – the highest achievable -- for the County. They all termed the outlook for Montgomery County as “stable.”
“The County’s budget management demonstrates a strong commitment to bolstering its reserve cushion in preparation for the next downturn,” said Fitch. “Given the County’s conservative management practices and emphasis on increasing reserves, operations are expected to remain strong.” Moody’s noted that “the county’s financial flexibility remains sound,” while S & P indicated that the County’s “financial practices are strong, well embedded, and likely sustainable.”
The Triple-A bond rating enables Montgomery County to sell long-term bonds at the most favorable rates, saving County taxpayers millions of dollars over the life of the bonds. The rating also serves as a benchmark for numerous other financial transactions, ensuring the lowest possible costs in those areas as well.
“What is remarkable about this is that Montgomery County has continued to receive a Triple-A bond rating from all three bond rating agencies even during these past few years when other jurisdictions – including the federal government – were seeing downgrades and despite federal shutdowns, budget sequestrations and the worst economic downturn since the Great Depression,” said Leggett.
“Our ability to maintain our coveted Triple-A rating affirms my approach to putting the County’s fiscal house in order and reducing unsustainable increases in County spending, while investing in making government more effective and creating opportunities for the growth of good jobs in the future.”
“The retention of the County’s AAA Bond Rating is important for saving millions of dollars over the life of our bonds,” said Council President Roger Berliner. “This has helped save our taxpayers significant money and is a result of the prudent fiscal policies developed by the Council in 2010 and 2011.”
"As chair of the Council’s Fiscal Policy committee, I am pleased to learn that Montgomery County has once again retained its AAA bond rating from all three major rating agencies,” said Councilmember Nancy Navarro. “The retention of our AAA rating is a testament to our strong commitment to responsible fiscal policy."
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