Carroll receives AAA bond rating for fifth consecutive year, reflecting county’s ‘diverse and growing economy’ – Baltimore Sun

Carroll County’s strong financial position again led three independent rating agencies to issue a triple-A bond rating, and as a result, a low interest rate of 3.799% was secured for the sale of bonds of this year in the amount of $30 million.

Carroll County received a AAA rating from each of three independent rating agencies, Fitch Ratings, Moody’s Investors Service and Standard and Poor’s, according to a county news release.

Carroll has received a AAA rating from each of the three independent rating agencies every year since 2018.

“We were thrilled to host the Carroll County credit rating agencies this year with a tour that included a tour of our beautiful county,” said Commissioners Chairman Ed Rothstein, who represents District 5, in the Press release.

“Rating agencies consider many factors before rating the county, and the renewal of triple-A ratings from S&P, Fitch and Moody’s demonstrates the fiscal responsibility of staff and the Board of Commissioners,” he said. “It is gratifying to receive recognition that the county’s conservative fiscal management, fiscal position and fiscal planning remain strong.”

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When the county sells a bond to a company, the company takes the bond and lends the county money, which must be repaid with interest. Bond ratings are a representation of the creditworthiness of corporate or government bonds. A credit score is like a report card for the county’s financial management system.

The AAA rating allows the county to borrow money at a low rate, which saves taxpayers money.

The Carroll County government on Thursday sold $30 million in new bonds, which will be used for various infrastructure and other capital investments for public schools, public works, conservation and water resources, the press release said. .

S&P said in its report that “the AAA rating reflects the county’s diverse and growing economy, which is well integrated into the greater Baltimore metro area. A strong track record in conservative budgeting and very strong financial management policies and practices have helped Carroll County maintain fiscal strength and continue to grow reserves.

Credit agency Fitch Ratings also praised Carroll’s financial situation. The agency’s bond rating reflects “the county’s demonstrated ability to maintain sound financial flexibility,” its report said. “With significant caveats, the county’s broad revenue-raising authority and spending flexibility support its superior level of inherent fiscal flexibility to deal with periods of economic stress…The outlook for revenue growth should remain strong.”

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