www.charlescountymd.gov

Charles County, Maryland

Charles County Retains AAA Bond Rating for Second Consecutive Year

For Immediate Release
2017-310
Wednesday, November 1, 2017 - 2:20pm

Charles County Retains AAA Bond Rating for Second Consecutive Year

Charles County announces that all three major national bond rating agencies have reaffirmed the county's strong AAA bond rating for the second consecutive year.  Charles County has held this AAA rating, the highest possible rating,  from S&P Global Ratings (formerly Standard and Poor’s) since 2015, Moody’s Investors has assigned the bonds a rating of Aaa since 2016, and Fitch Ratings has rated the bonds AAA since 2010.

S&P Global Ratings said Charles County's budgetary performance is strong. The county had operating surpluses of 3.1 percent of expenditures in the general fund and 8.2 percent across all governmental funds in fiscal 2016.

“Fiscal responsibility and fair stewardship of taxpayers’ dollars is the Board’s top priority,” said Commissioner President Peter F. Murphy, on behalf of the Board. “This continued achievement allows us to continue investing within our county.”

Moody’s evaluation cites the Aaa rating is based on the ongoing expansion of the county’s large tax base and growing revenue streams resulting in consistently favorable operating performance and stable reserves.

“It is gratifying the county’s bonds continue to receive the coveted ‘AAA,’” said County Administrator Michael D. Mallinoff, Esq., ICMA-CM. “We remain committed to making financial decisions that protect the interests of the county, and I commend the county finance team and recognize them for a job well done!”

Fitch Ratings expects the county to maintain a high level of fundamental financial flexibility, supported by solid economic and revenue prospects throughout economic cycles, based on its expenditure and revenue flexibility and conservative fund balance policy.

“The taxpayers of Charles County will benefit from the lower interest rates prompted by these AAA ratings,” said David M. Eicholtz, director of the Department of Fiscal and Administrative Services. “For our residents, this equates to savings.”

The county is scheduled to conduct a bond sale on Tuesday, Nov. 7.

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About Charles County Government

The mission of Charles County Government is to provide our citizens the highest quality service possible in a timely, efficient and courteous manner. To achieve this goal, our government must be operated in an open and accessible atmosphere, be based on comprehensive long- and short-term planning and have an appropriate managerial organization tempered by fiscal responsibility. We support and encourage efforts to grow a diverse workplace. Charles County is a place where all people thrive and businesses grow and prosper; where the preservation of our heritage and environment is paramount; where government services to its citizens are provided at the highest level of excellence; and where the quality of life is the best in the nation.

It is the policy of Charles County to provide equal employment opportunity to all persons regardless of race, color, sex, age, national origin, religious or political affiliation or opinion, disability, marital status, sexual orientation, genetic information, gender identity or expression, or any other status protected by law.