Good News in Tough Times: County Retains AAA Bond Ratings
Montgomery County Executive Ike Leggett recently announced that Montgomery County has retained its AAA bond rating from all three bond rating agencies, Standard & Poor's, Fitch and Moody's, with a stable outlook - the highest possible rating.
Among other accomplishments, the rating agencies cited the County's formidable economic base and measures taken to reverse a former structural imbalance that occurred, in part, due to weakened revenues during the recession.
The AAA bond rating allows Montgomery County to issue bonds for its capital borrowing at the most favorable rates, saving County taxpayers millions of dollars a year. The AAA rating applies to $320 million in General Obligation bonds and $260 million in General Obligation Refunding bonds the County issued on August 3.
"With the tough decisions and actions the County has taken during my administration, we are successfully rebuilding our financial foundation and are on the right path to fiscal sustainability," said Leggett. "We continue to make the hard choices necessary to put ourselves on a much stronger fiscal footing, lowering our revenue estimates to reflect economic conditions and building our revenue base by planning for growth and attracting businesses and jobs.
"Our challenges remain,” he said, “but the decisions by the bond rating agencies show that Montgomery County is on the right track."
Montgomery County Ranked among Nation’s Top Digital County Governments
Montgomery County has been named America’s 3rd ranked digital county government in the United States by the Center for Digital Government and the National Association of Counties. Montgomery County received third place honors in the competition for jurisdictions with populations of 500,000 or greater.
Thousands of counties from across the nation competed for the top award by participating in the 2011 Digital Counties Survey that covers all aspects of technology adoption, integration and deployment.
See the full list of 2011 winners.