County Maintains Coveted 'Triple-Triple' Bond Rating

Baltimore County will maintain its coveted Triple-A bond rating from the three major rating firms, despite warnings of possible downgrades earlier this year.

Fitch, Standard and Poor's, and Moody's Investment Service have all announced that the county will maintain the highest possible bond rating possible. Only about 1 percent of the counties in the country have such a rating from all three agencies—something officials frequently refer to as the "triple-triple."

For taxpayers, the rating means that the county will continue to save money on rates paid to bond holders. The county sells the bonds to pay for projects such as schools and roads and other infrastructure projects.

The difference between a Double A and a Triple A rating can mean a savings of millions of dollars, according to a statement released by the county.

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Earlier this year, some of the rating agencies warned that it might lower credit ratings for some counties, including Baltimore County.

The bond rating agencies made the following comments on the county, according to the county's press release:

• Fitch:  "The broad and diverse economy benefits from the presence of federal installations, health care, financial services, and higher education.  Highly structured development efforts, focusing on growth management and collaboration with surrounding jurisdictions, underscore excellent prospects for continued expansion."
• Standard and Poor's: "It is our opinion that the county's capable and proactive management team will likely maintain, in our view, solid finances because of its willingness to postpone pay-as-you-go capital spending and its renegotiated union contracts, which resulted in short and long-term budgetary savings."
• Moody's: "The assignment of Moody's highest-quality rating reflects the county's regionally-significant and diverse economic and employment base, a solid financial position supported by conservative fiscal management, and a manageable debt burden."