It means the county will pay lower interest rates when it borrows money.
Frederick, Md (KM) Frederick County has once again come out on top regarding how it manages its money. All three of the major bond rating agencies, Moodys, Fitch and Standard and Poor, have given the county a AAA rating.
Frederick County is one of a few jurisdictions around the country to receive this designation. and it’s the highest possible rating it can obtain.
“This achievement is a testament to Frederick County’s unwavering commitment to fiscal responsibility and sound management of tax dollars,” says County Executive Jessica Fitzwater, in a statement. “We can be proud that our AAA ratings allow us to invest in schools and other critical infrastructure for our community.”
This rating means the county will pay lower interest rates when it borrows money for the construction of schools, roads, libraries, parks and other government facilities.
Local officials, including County Executive Fitzwater, and other Frederick County Government leaders, met earlier this month with credit analysts from the three rating agencies in New York City. The purpose was to review the County’s financial reserve policies and fiscal management procedures to address critical needs such as cybersecurity and climate change, according to a statement from the County.
The three agencies, in their reports, highlighted Frederick County’s “exceptional financial management” and took note of its “robust reserves” to provide for financial flexibility. They also cited that Frederick County benefits from a diverse local economy with ongoing development, especially in the areas of biotech and life sciences. The analysts also report that Frederick County’s healthy finances are expected to remain stable on a forward-looking basis.
In a statement, County Executive Fitzwater said she appreciates the hard work of County employees in managing taxpayer dollars responsibly. “It’s the commitment and expertise that drive our success–they are our greatest asset,”: she says,
By Kevin McManus