Moody’s upgraded the rating to AAA.
Frederick County received some good news this week. In a You Tube video, County Executive Jan Gardner announced that the top three bond rating agencies in the nation have given Frederick County their AAA bond ratings, which is the highest in the country. “This is an upgrade from the Moody Bond Rating Agency. We’re very excited,” says Gardner.
“This is a demonstration of the fact that our economy is booming, that we have good management in Frederick County, and that our financials are fiscally sound,” she said.
In their analysis, Standard and Poor called attention to the county ‘s “very strong management, with strong financial policies and practices.” Fitch Ratings cited the county’s “healthy reserve cushion.”
This favorable rating means that Frederick County can go the bond market to borrow money at lower interest rates. “And what does this mean for the citizens of Frederick County? It means that we can build schools, roads, libraries and parks at a lower interest rate, saving taxpayers money and getting more bang for the buck,” Gardner said.
She thanked the County Council for passing her two budgets, and for building up the reserve fund.
“These fantastic ratings show that the majority of the County Council has been right on target with our budget oversight,” said Council President Bud Otis, in a statement. “Moody’s said Frederick County earned the upgrade in part because we committed to build our reserves. By following sound fiscal polices, we are saving taxpayers’ money.”
This is the first time in Frederick County’s history that it has won the AAA rating from the top three bond rating agencies in the country, officials say. Very few counties in the nation can say that.