The judgment of three Wall Street bond rating agencies will allow Montgomery County to retain the highest possible credit rating offered by the firms.
The rating agencies Fitch, Standard & Poor’s and Moody’s each gave the county a AAA rating, the highest one possible, according to a county release.
County Executive Isiah Leggett’s office announced the ratings Monday.
Fitch praised the county’s “multi-year fiscal plan that balances current resources against spending,” while Moody’s predicted that Montgomery’s “sizable and diverse tax base will continue to remain strong going forward,” according to the release.
Standard and Poor’s was quoted as saying it viewed the county’s management position as strong, with “strong financial policies and practices in place,” according to the release.
The bond rating lets the county sell long-term bonds at the most favorable rates, and is also factored into other financial transactions to allow the county to pay lower rates.
Leggett (D) said the AAA rating affirms his decisions to close gaps in the budget, change county health and retirement benefits and boost financial reserves, and would let the county make its government more effective and create economic opportunities in the future, according to the release.
County Council President Nancy Navarro (D-Dist. 4) of Silver Spring said the rating demonstrated a proactive approach by the council and Leggett during hard economic times.