Montgomery County leaders announced Friday the county has maintained its “Triple-A” bond rating for 2022 from the three major Wall Street bond ratings agencies.
County Executive Marc Elrich, County Council President Gabe Albornoz and Council Member Nancy Navarro, chair of the council’s Government Operations and Fiscal Policy committee, said in a news release that the retention of the bond rating reflects the county’s adherence to sound fiscal policies — especially as county leaders have dealt with the economic impacts of the COVID-19 pandemic.
This marks the 50th straight year that the county has earned a AAA rating from Moody’s Investors Service Inc., according to the news release. It is the 47th straight year of a AAA rating from Standard & Poor’s and the 32nd year from Fitch Ratings.
The bond rating agencies cited the county’s vibrant, diverse economy, affluent population, growing revenues, and ability to pay off debt despite economic downturns — such as during the pandemic — as some reasons for their AAA ratings.
Elrich, Albornoz and Navarro thanked county officials for their work in maintaining the bond ratings — the highest mark a local government can receive. High bond ratings help local governments like Montgomery County pay less when borrowing money for long-term capital projects and for other financial needs.
“Montgomery County’s ongoing recovery efforts from COVID-19 have resulted in strains on our fiscal resources and government operations,” Navarro said in the release. “It is our duty as legislators to act as good stewards of taxpayer money and to make decisions that fund needed services equitably and maintain fiscally responsible practices. This Council came together again this year to achieve these goals for our residents.”