Howard County Retains Triple-A Bond Rating

For the 14th year in a row, Howard County has received a Triple-A bond rating.

The ratings, given by Fitch Ratings, Moody’s and Standard & Poor’s credit agencies, determine the interest rate that the county pays on bonds.

“Howard County has a history of managing through difficult economic downturns,” County Executive Ken Ulman said in a statement. “While this is the 14th consecutive year we have received the highest possible rating from all three agencies and it is gratifying, we never take that rating for granted.”

Each agency gave the county its top investment-grade rating, according to the SEC, ultimately signifying “an obligor has extremely strong capacity to meet its financial commitments.” 

• Fitch noted the county’s ability to “balance spending needs and preserve its current level of fiscal resources amidst a strained revenue environment.”
• Moody’s reported that its rating reflected “the county’s sizable economic base and wealthy demographic profile, a sound financial position supported by proactive management, comprehensive fiscal policies, satisfactory fund balance levels and affordable debt burden …”  
• Standard & Poor’s pointed to the county’s “vibrant and diverse local economy and large, very diverse property tax base.”

The county went to the agencies this month in advance of its $165 million bond sale, scheduled for Saturday.

The state of Maryland also had its Triple-A bond rating reaffirmed, according to the Baltimore Sun.

The full credit reports have not yet been released to the public; once released, they will be available on the county’s website.