Pr. George's Remains AAA-Okay
Here's a bit of positive news for financially beleaguered Prince George's County: It was given a AAA bond rating by a major Wall Street ratings firm for the second year in a row.
The coveted rating, analogous to a personal credit score for an individual, was given by Standard & Poor's. In a recent report, S&P cited the county's "large $99.2 billion" property tax base and "still-strong financial operations" as part of the rationale for the rating.
A downgraded rating would have meant increased future costs to the county in interest payments on borrowed money. County officials have said their decision to leave their $182 million rainy-day fund untouched during the recession improved their standing on Wall Street.
Another recent report by Fitch Ratings altered the county's outlook from "stable" to "negative" but maintained its AA+ rating. Moody's maintained its Aa1 bond rating and a stable outlook, county officials said.
October 1, 2009; 5:20 PM ET
Categories: Jonathan Mummolo , Maryland State Budget , Prince George's County
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