Charles County announces that all three major national bond rating agencies: Fitch Ratings, S&P Global Ratings, and Moody’s Investor’s Service, have reaffirmed the county's AAA bond rating. Bond rating experts met with county leaders to review the health and stability of the county based on budget management, external audits, financial management, and economic development. This allows the county to maintain low interest rates when repaying bonds.
“Retaining our AAA Bond Rating for the eighth consecutive year highlights the strength and stability of Charles County’s financial stewardship. This achievement is a testament to the hard work and dedication of our county staff, who ensure we remain fiscally responsible and administratively sound,” Commissioner President Reuben B. Collins II, Esq said. “It also reaffirms the resilience and promise of our community. On behalf of myself and my fellow Commissioners, we remain committed to setting equitable policies that address the needs of all residents and uphold the trust placed in us to secure a thriving future for Charles County,”
S&P Global Ratings report stated that their rating was supported by the county’s “ long history of sound, conservative budgeting practices and maintenance of formalized fiscal policies, with positive operations. We expect ongoing commercial and residential development within the Waldorf area, along with the revitalization of the town of Indian Head, which will improve certain economic metrics that currently trail peers.”
Moody’s evaluation says that Charles County “has ongoing redevelopment that will be beneficial to its credit profile. The reserve position remains strong at over 60% of revenues and should hold based on preliminary fiscal 2024 results.” Moody added that “The stable outlook reflects the growing likelihood that the county’s local economy continues to be strong while fund balance and leverage hold steady.”
Fitch Ratings added that Charles County’s “rapid rate of amortization of existing debt and continued economic growth are expected to result in stable to slightly improved long-term liability metrics in the near term.”
On Dec. 3, the county sold $73 million in consolidated public improvements bonds to fund capital improvements.
