Harford County Has AAA Bond Ratings Reaffirmed
January 3, 2012
According to a Harford County press release dated January 3,
2012, Harford County has had its AAA bond ratings reaffirmed
The press release said:
Conservative fiscal management, low debt burden cited as
strengths
(Bel Air, MD) - - County Executive David R. Craig is pleased
to announce that Harford County has had its AAA bond ratings reaffirmed by
rating agencies Moody’s Investors Service and Fitch Ratings.
The two agencies upgraded the County in 2010, and the
confirmation of the AAA ratings are the result of a review of the County’s
fiscal management practices and economic outlook, as well as meetings with the
County Executive and members of his administration.
Standard & Poor’s, which had previously assigned the
County with an AA+ rating also reaffirmed their rating. The three rating
agencies employ financial and business experts who seek to advise investors
with regard to the safety of investing in a particular organization.
By assigning these ratings, the experts are identifying
Harford County as a safe place to invest and to do business.
According to Fitch Ratings, Harford County’s rating outlook
is stable, and the County’s financial operations are “characterized by a
conservative approach to budget development, timely revenue and spending
adjustments, and steady compliance with a fiscal stabilization policy equal to
5% of spending.”
Furthermore, Fitch adds, “Harford County continues to adhere
to good debt management guidelines, which have allowed overall debt levels to
remain low.”
Fitch also notes the county’s “historically low
unemployment,” which they attribute to the quality of the local labor force,
the County’s location, and the high concentration of federal government
employees and contractors. The continued
expansion of APG, the report states, “should prove beneficial over the
intermediate- to long-term, particularly with respect to attracting higher-wage
employment opportunities.”
Similarly, Moody’s Investors Service identifies Harford’s
“conservative management that maintains comprehensive fiscal policies” as a
strength, while noting that the county’s employment linkage with the federal
government is a challenge going forward
Commenting on the reports from the rating agencies, County
Executive Craig remarked, “As I stated a year and a half ago when we were first
upgraded, the efforts that my administration and the County Council have taken
to diversify our economy, to reduce the tax burden of our citizens, and to
invest in key infrastructure projects have positioned Harford County well for
the future.”
“The reaffirmation of our
AAA bond rating confirms that our
conservative fiscal approach is working, and that despite facing significant
headwinds in our national economy, Harford County is not only weathering the
storm but thriving.” County Executive Craig added, “If only the federal government
could get its house in order as we have done, Harford County and our citizens
could look forward to an even brighter and more stable future.”
- 30 –
“Preserving Harford’s past; promoting Harford’s future”
[20120103 Harford County Has AAA Bond Ratings Reaffirmed]
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