Prince George’s County officials heralded the county being granted the highest bond rating possible for the first time in its history with a high school marching band, a choir and 40-foot banners Tuesday.
The AAA rating makes Prince George’s one of 48 counties nationwide and one of four Maryland counties to get the cost-saving benefits associated with Standard & Poor’s highest grade. But the county continues to have a less than perfect rating from Moody’s Investor Services, an AA1 rating, and Fitch Ratings, an AA+ rating.
County Executive Jack Johnson touted the news as “the pinnacle for government and a validation of the strong collaborative work between this administration and the County Council.”
The ratings from all three firms have been climbing since Johnson took office, and the latest upgrade “reflects the continued strength of the county’s financial position through various economic cycles,” Standard & Poor’s said in a press release. Developments including the $4 billion National Harbor helped assure the ratings firm
of the county’s economic diversity.
“This rating says even though we had a boom economy and now have a downturn, we’ve made sure we’ve managed the people’s money wisely,” County Council Chairman Samuel Dean said not long before the giant banners reading “AAA” were unfurled from the top of the county administrative building.
High bond ratings typically result in lower interest rates on municipal bonds, and the new rating will apply to $110 million in general obligation bonds the county will sell this week to cover costs for a variety of public works projects.
“This achievement should serve as an indication to the people of Prince George’s County of the progress that has led to this point, and the opportunities that now lie ahead as a result of it,” Gov. Martin O’Malley said in a release.
Campaign-size signs with “AAA” printed in blue letters were stuck in the ground on local roadways throughout the county Tuesday.
