Standard & Poor’s Ratings Service in New York announced Charles County’s rating on its generation obligation bonds raised from “AA+” to “AAA” with a stable outlook. “AAA” is the highest of Standard & Poor’s bond ratings. According to the news release, the rating upgrade reflects Standard & Poor’s opinion of several factors, including Charles County’s very strong economy with strong income and wealth levels, strong budgetary flexibility, and a diverse revenue stream.
“’AAA’ rating with Standard & Poor’s was a goal I hoped we would achieve,” said Commissioner President Candice Quinn Kelly. “During this economic environment, I am pleased we were recognized so favorably. The successful bond sale is the outcome of the efforts of the Commissioners and Charles County Government staff, specifically the Department of Fiscal and Administrative Services, who made presentations to three bond rating agencies in New York City.”
“This is the best rating possible, and I’m proud of the Fiscal and Administrative Services Department’s leadership and the direction taken by the Commissioners during budget deliberations. The ‘AAA’ rating gives the county an exceptional stamp of approval and represents tremendous savings for the taxpayers now and in the future. Some of the decisions were very difficult but were the right ones,” said Commissioner Vice President Reuben B. Collins, II (District 3).
“This is outstanding news for county government and especially for our citizens. It is confirmation that our fiscal policies are on target and are being recognized as such,” said Commissioner Ken Robinson (District 1).
“It’s an exciting time in our county. I’m pleased that the bond rating agencies recognize that we are making the tough decisions to ensure Charles County’s financial security,” said Commissioner Debra M. Davis, Esq. (District 2). “My congratulations go to David Eicholtz, director of the Department of Fiscal and Administrative Services, and our entire finance team for a job well done. We now stand in the company of an elite group of counties nationwide holding the ‘AAA’ rating. The bottom line for our citizens is that we are in a position to borrow funds for infrastructure including roads, parks, and schools, at a lower interest rate, which will bring savings to our taxpayers. It’s a sign of great management and leadership, and Standard & Poor’s has given us its highest grade. I’m pleased to have been one of the presenters, and I’m thrilled with the outcome.”
Commissioner Bobby Rucci (District 4) said, “The ‘AAA’ rating from Standard & Poor’s is great news for the taxpayers. We have county staff to thank, as well as the citizens who understand the hard decisions we had to make to keep vital services ongoing without the need to raise taxes this year.”
“The Standard & Poor’s upgrade to a ‘AAA’ rating is very rewarding. I compare it to receiving an ‘A+’ from your teacher on a school assignment. It is a very positive recognition from an expert evaluation of many factors, including our economy, debt structure, financial condition, demographics, and management practices. The Standard & Poor’s upgrade accompanies our other ‘AAA’ rating from Fitch. The ratings continue to show the financial markets that our bonds are a good investment. On a personal note, I am very delighted Standard & Poor’s recognized the hard work and valuable assets of our community,” said Dave Eicholtz, director of Fiscal and Administrative Services.