Howard County this week received a AAA credit rating from all three New York bond rating agencies -- the 13th consecutive year the county has attained the highest possible financial rating.

The rating agencies -- Fitch Ratings, Standard & Poor's and Moody's Investor Services -- evaluate corporations' and municipalities' financial status and outlook, and rate them based on their expected ability to repay loans. The credit ratings determine the interest rate Howard County will pay on bonds.

The county sought to update its bond rating this month in preparation for a $109 million bond sale later this month.

The ratings reflect the belief that Howard County is well positioned to handle the current dour economy, according to county officials.

In a statement, County Executive Kenneth Ulman said the county has spent conservatively and been proactive in cutting costs.

"Receiving the Triple-A rating from all three agencies is incredibly gratifying, especially in these difficult economic times," Ulman said. "These ratings validate that the policies and procedures which guide our financial decisions are sound and that our economic outlook continues to be strong."

County officials said Howard is one of approximately 30 counties nationwide to have a AAA rating from all three agencies.

The full bond rating reports will be posted on the county's Web site at www.howardcountymd.gov.

-- Jennifer Broadwater

---

user comments (0)