3 Bond Rating Agencies Award AAA Credit Rating To Howard County

HOWARD COUNTY, MD — Once again, Howard County has been ranked among the top two percent of counties nationwide to earn a AAA credit rating from all three bond rating agencies: Fitch Ratings, Moody’s Investor Services and Standard & Poor’s.

"Being one of 51 counties with this distinction among approximately 3,100 in the U.S. demonstrates that Howard County’s financial management is fiscally strong, trustworthy and responsible. While other counties across the nation struggle with the effects of the COVID-19 pandemic, Howard County builds momentum from our strength as responsible stewards of our public dollars. Howard County’s job growth is nearly three times the state average and more businesses are launching here, expanding here or relocating here. We are in the very small number of counties that have earned this coveted AAA bond rating because we continue to make strategic decisions to secure our present and future," Howard County Executive Calvin Ball said.

Standard & Poor’s noted, “The county is a desirable affluent community with a very strong economy, supported by a well-educated population, wealthy property tax base and high household incomes, with access to the Baltimore and Washington metropolitan statistical areas (MSAs). In our opinion, these factors, along with stable financial operations and very strong management, including comprehensive policies and practices that have allowed the county to weather several economic downturns, underpin the 'AAA' rating. The county continues to experience strong economic growth, which has helped bolster its financial position and reserves. Similar to prior years, the county remains committed to maintaining balanced budgets using conservative assumptions and adhering to its many formal fiscal policies.”

Moody’s highlighted, “The stable outlook reflects the expectation that the county's economy will continue to see growth while its reserves remain healthy.”

Fitch cited the county’s “high level of financial flexibility throughout economic cycles, consistent with a long history of sound operating performance and healthy reserves. The county maintains superior inherent budget flexibility in the form of an unlimited legal ability to raise revenues and solid expenditure flexibility. The county's financial profile also reflects strong revenue growth prospects from a growing property tax base.”