Standard & Poor's, Fitch and Moody's, gave Montgomery County, Maryland a continued triple A bond rating. County Executive Isiah Leggett said Monday that all three agencies gave the highest possible rating to the county because of a stable outlook with a formidable economic base.
"With the tough decisions and actions the County has taken during my administration, we are successfully rebuilding our financial foundation and are on the right path to fiscal sustainability," stated Leggett. "We continue to make the hard choices necessary to put ourselves on a much stronger fiscal footing, lowering our revenue estimates to reflect economic conditions and building our revenue base by planning for growth and attracting businesses and jobs."
There was concern that the largest county in Maryland would have its bond rating cut because of budget deficits and spending.
The bond rating allows the County to borrow at a the lowest possible cost. The County is issuing next Wednesday, August 3, $320 million in General Obligation bonds and $260 million in General Obligation Refunding bonds.