Highest Possible Ratings Reduce County Borrowing Costs
Harford County has retained its Triple-A bond rating from all three of the nation’s major independent bond-rating agencies. Standard & Poor’s, Moody’s, and Fitch have each reaffirmed their highest possible rating for Harford County, citing the county’s strong economy and well-managed county government. Triple-A bond ratings reduce the cost of borrowing to fund capital projects including road improvements, schools, libraries and recreational facilities. Harford County is among an estimated 3% of counties nationwide to earn the top rating from all three major rating agencies.
Announcing its latest rating decision, Fitch wrote, “The county proved its financial resilience and strong budget management through the most recent recession by making reductions in operating and capital spending.”
Standard & Poor’s Rating Services wrote, “The stable outlook reflects our view of Harford County’s consistent financial performance, including during recessionary periods, and very strong economy that strong management supports.”
Moody’s Investors Service wrote, “The Aaa rating reflects the county’s substantial tax base with a healthy demographic profile, satisfactory financial position supported by healthy and stable reserves …”
Fitch and S&P also cited the county’s diverse and growing economy.
“I am proud that all three rating agencies have affirmed our fiscally balanced approach to managing local government,” County Executive Barry Glassman said. “These top ratings demonstrate that Harford County is on the right path, and I would like to thank our county employees for this progress on behalf of our citizens and future generations.”