Local Leaders Commend County’s Triple-A Bond Rating
“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,” Leggett said.
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 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.
“This is welcome, although expected, news,” Montgomery County Council President Nancy Floreen said. “It is a testament to our balanced six-year fiscal plan that ensures a long-term strategic approach to budgeting, earning us the highest rating year after year and saving us millions of dollars over the life of our bonds,” Floreen said.
“The Council and County Executive working in collaboration during the most difficult economic circumstances during the Great Recession is what made this possible. While not always popular, the tough decisions to rebase the school system budget, find new sources of revenue, and restructure employee benefits is what has allowed us to maintain the highest possible credit rating. As a result of these hard choices, we will be able to make unpresented investments in our schools, libraries, public safety facilities, and transportation infrastructure,” Montgomery County Councilmember Nancy Navarro, Government Operations and Fiscal Policy Committee chair, said.
For more information on the rating, visit the Montgomery County website.