The Triple-A 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 County had already received Triple-A Stable ratings from the other two bond rating agencies, Fitch and S&P, on $325 million of General Obligation bonds it is issuing tomorrow, July 8th.
“I want to thank Council President Nancy Floreen and Management & Fiscal Policy chair Duchy Trachtenberg for their leadership in winning Council approval for my recommendations – and all Councilmembers who supported the package," said County Executive Leggett.
“Today's vote of confidence from Moody's and underscores the other positive actions from Fitch and Standard and Poors underscore the importance of recent actions taken in Montgomery County,” said Councilmember Trachtenberg. “As governments at every level—national, state, county and municipality—struggle to rein in spending and find a way to maintain essential services, the urgency of sober and serious fiscal planning is inescapable. As stewards of the County's economy, the Executive and the County Council have shown real leadership and a vision for the future by building our reserves and clearing a path towards balanced budgets. When the current fiscal crisis is finally past, our fiscal plan and actions of the last month will be seen as part of the solution.”
Click here to read the full County press release.
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