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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.

By Jonathan Mummolo  |  October 1, 2009; 5:20 PM ET
Categories:  Jonathan Mummolo , Maryland State Budget , Prince George's County  
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Comments

Pardon me, but aren’t these the self same rating agencies that fell into such disrepute during the 2008 financial meltdown?

They were accused of charging (extorting), fees from the bond issuers they rated. Their integrity was impugned. Why should we now believe anything they say, good or bad, about anyone? We need some New Rules.

Posted by: countbobulescu | October 2, 2009 12:17 AM | Report abuse

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