UPPER MARLBORO, MD –
On Thursday, August 25th, Fitch Ratings assigned a 'AAA' bond rating to Prince George’s County and re-affirmed that the County’s financial outlook is stable. The County is awaiting similar confirmations from the other major rating agencies - Standard and Poor’s and Moody’s – prior to the upcoming bond sale in mid-September. Earlier this year, the County received ‘AAA’ status from these two rating houses. ‘AAA’ bond ratings are the highest possible bond ratings a jurisdiction can receive.
“I am proud that Prince George’s County has retained its 'AAA' bond rating from Fitch Ratings especially, amid the recent downgrade of the national bond status by Standard & Poor’s. I think this speaks volumes about our sound fiscal management practices and sends a clear signal to the investment and development community both domestic and abroad that this County is a great place to do business,” said Prince George’s County Executive Rushern L. Baker, III. “Our economic climate is stable because we have made prudent fiscal management a priority, decided on wise investments such as the proposed $50 million Economic Development Incentive Fund, and targeted transit-oriented development around our Metro sites. I am confident that we will generate new business and create more job opportunities, as a result of our bond status. This is a major accomplishment for the residents and citizens of Prince George’s County.”
The bonds are expected to sell competitively on September 14, 2011. The series 2011A will fund capital construction costs for County facilities, including public buildings, roads and transportation, public schools, mass transit, stormwater management, and solid waste management facilities. The series 2011B will refund certain maturities of outstanding GO debt.
In addition, Fitch affirms the following ratings:
--$984.8 million of outstanding limited GO (LTGO) bonds affirmed at 'AAA'.
--$95.6 million of outstanding unlimited GO (ULTGO) bonds, series 2004 affirmed at 'AAA';
--$2.9 million of outstanding Maryland Local Government Insurance Trust (LGIT) Prince George's County ULTGO bonds, series 1992 affirmed at 'AAA';
--$34.3 million of outstanding Maryland Transportation Authority (MdTA) lease revenue bonds,
series 2004 affirmed at 'AA'.
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