Prince George’s County Executive Angela Alsobrooks announced on June 13 that the county has maintained its triple-A bond rating.
All three financial ratings agencies, Fitch, Moody’s and Standard and Poor, recently provided their yearly evaluations and gave the county the coveted rating, as well as in recognition for a stable economic outlook.
“We are also pleased with the reasons behind the high ratings from the financial institutions,” Alsobrooks said. “Overall, our ongoing economic development that expects to add to the commercial tax base, along with our history of sound fiscal responsibility and well-embedded financial management policies and practices, were cited as reasons the county maintained the highest rating possible. I am especially proud that we maintained the triple-A rating during every year of our administration, with the latest rating being the fifth consecutive year.”
Moody’s report cited the county’s “large and growing tax base, with ongoing development expected to add significantly to the tax rolls in the near term” and “also considered the county’s financial position and overall leverage, which are expected to remain satisfactory in the near term, supported by comprehensive fiscal policies.”
Standard and Poor talked about the county’s strong financial performance despite the challenges of maintaining services during the height of the coronavirus pandemic and the conservative budgeting and established financial management policies and practices.
Finally, Fitch reported “the strength of the county’s operating performance, which features a high capacity to manage operational and budgetary risks through economic cycles, expectations for solid revenue growth underpinned by the county’s economic and demographic profile and high independent revenue raising authority.”
“Although we navigated several challenges during our budget cycle earlier this year, this rating is the latest sign that our focus on transit-oriented development to grow the commercial tax base will help secure our county’s long-term financial success,” the county executive said. “We will continue moving forward with our economic growth strategy and fiscal discipline in our budget so we can maintain our county’s stable economic outlook.”
