The Charles County Commissioners are pleased to announce Standard & Poor’s credit-rating agency upgraded Charles County’s bond rating to “AA+” with a stable outlook. In a news release issued yesterday, Standard & Poor’s cited the county’s strong and stable economy and consistently strong financial performance, including the maintenance of strong reserves as the top reasons for the higher rating.
The county received favorable ratings also from Fitch Ratings and Moody’s Investor’s Service. Fitch affirmed the county’s “AAA” with stable outlook rating, the highest bond rating the agency issues. Moody’s Investor’s Service assigned a “Aa1” rating to Charles County’s general obligation bonds. Moody’s release said the agency’s rating “reflects the county’s satisfactory financial position, characterized by comprehensive fiscal policies and planning … and an affordable debt position.”
Commissioner President Candice Quinn Kelly said, “This AA+ rating paves the way for Charles County to move to AAA with S&P which is one of our ultimate goals. All three rating agencies have continued to emphasize the need to maintain our fund balance at a threshold between 8 and 15%, a benchmark we have consistently met and improved upon annually. In order to continue in this positive direction, we must focus on economic development to increase our commercial tax base, maintain infrastructure and build new schools while limiting our debt exposure and continue to deliver a high level of services to our citizens. These positive ratings are the result of prudent fiscal guidance and discipline on the part of staff and the Board of Commissioners.”
“I’m pleased that the rapid pay back of debt and fiscal management polices during 2012 have resulted in an outstanding bond rating. With the guidance of staff in Fiscal and Administrative Services, and the hard work of all County employees, we’ve been able to maintain and improve services to the residents of Charles County. We may now continue to pursue our goals and objectives with confidence,” said Commissioner Vice President Reuben B. Collins, II (District 3).
“I am very proud that the fiscal policies we have followed, especially in a trying economic environment has been recognized so favorably by the ratings agencies.This was also made possible by the guidance and expertise the commissioners have gained from our dedicated staff in Fiscal and Administrative Services,” said Commissioner Ken Robinson (District 1).
Commissioner Bobby Rucci (District 4) said, “This is a strong stamp of approval for the manner in which all of County government has pursued our goals during the past year. Our limited use of the fund balance is one reason for our government’s success. Fiscal discipline has resulted in this high bond rating which means low interest rates on debt offerings. This has been a team
