Howard County Scores AAA From Bond Rating Agencies

From Howard County Government: Howard County Executive Allan H. Kittleman today announced the County has received an AAA credit rating, the highest possible score, from all three bond ratings agencies. Fitch Ratings, Moody’s Investor Services and Standard & Poor’s all have recognized the County’s vibrant economy, diverse revenue streams, and strong financial policies and practices. Howard County is one of just 43 counties among more than 3,000 in the U.S. to earn a Triple-A rating from all three agencies.

“These ratings are an affirmation of our sound fiscal management, responsibility, strength and resilience,” said Kittleman. “Despite the devastating Ellicott City flood which resulted in a federal disaster declaration, we were able to manage our response and recovery without dipping into the County’s Rainy Day Fund. The agencies also recognize the importance of our highly educated workforce and our ability to attract new business and expand the ones already located here.”

“County Executive Kittleman spoke of our resiliency,” said Stanley Milesky, Howard County’s Director of Finance. “At the same time so much effort was directed to the Ellicott City, we also maintained our focus on the many other initiatives underway and continue to move forward and make progress even as we recover.”

Kittleman, Council Chairperson Jon Weinstein, Councilmember Greg Fox and other county officials met with representatives of the bond rating agencies earlier this month. The rating notification comes as Kittleman prepares to submit is Fiscal Year 2018 capital budget to the County Council.

Each agency issued a report describing Howard County’s strengths:

Standard and Poor’s acknowledged Howard County’s “very strong economy…very strong management with ‘strong’ financial policies and practices…strong budgetary performance and flexibility.”

Fitch noted it expects Howard County to “maintain a high level of fundamental financial flexibility throughout economic cycles based on its own expenditure and revenue flexibility and conservative fund balance policy.” Fitch stated “financial operations are supported by solid economic and revenue prospects.”

Moody's cited the County’s “large, diverse tax base with a strong socioeconomic profile” and stated the “management team practices conservative budgeting and maintains formal fiscal policies.”

All three agencies expect the County will continue to benefit from its proximity to Fort Meade, which supports approximately 40,000 county residents.

Once received, the full bond rating reports will be posted on the County’s website at www.howardcountymd.gov.

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