Bond Boost for Prince George's
Prince George's officials have reported success from their recent visit to the bond rating agencies on Wall Street.
County Executive Jack B. Johnson (D) announced that Moody's Investors Service upgraded the county's bond rating from Aa2 to Aa1, the second boost the county has received from Moody's in three years. It is the fourth year in a row that one of the agencies--the other two are Fitch Ratings and Standard and Poor's--has boosted the county's rating. County officials claim its the first time any jurisidiction has seen four consecutive improvements.
The designations are important because counties with higher ratings can borrow money at lower interest rates. Also, the ratings are made by investors after examining economic prospects, so improved rankings indicate confidence from the penny pushers about the county's health.
The ranking means the county now has Moody's second best rating for a government jurisdiction. In granting the improvement, the company's analysts cited Prince George's "strong growth in new office, industrial, and retail investment."
They particularly praised the $2 billion National Harbor project, as well as the completition of 350,000 square feet of office space and 222,000 square feet of industrial space in 2006 alone.
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