Leggett Hails News of Montgomery County’s 2016 Triple-A Bond Rating

County Executive Ike Leggett recently announced that Montgomery County has maintained its Triple-A bond rating for 2016 from three Wall Street bond rating agencies.

Fitch, Moody’s, and Standard & Poor’s all affirmed the “AAA” rating – the highest achievable - for the County. They all termed the outlook for Montgomery County as “stable.”

The Triple-A bond rating enables Montgomery County to sell long-term bonds at the most favorable rates, saving County taxpayers millions of dollars over the life of the bonds. The rating also serves as a benchmark for numerous other financial transactions, ensuring the lowest possible costs in those areas as well.

“What is remarkable about this is that Montgomery County has continued to receive a Triple-A bond rating from all three bond rating agencies even during these past few years when other jurisdictions – including the federal government – were seeing downgrades and despite federal shutdowns, budget sequestrations and the worst economic downturn since the Great Depression,” said Leggett.

“Our ability to maintain our coveted Triple-A rating affirms my approach to putting the County’s fiscal house in order and reducing unsustainable increases in County spending, while investing in making government more effective and creating opportunities for the growth of good jobs in the future.”

“This is welcome, although expected, news,” said Council President Nancy Floreen. “It is a testament to our balanced six-year fiscal plan that ensures a long-term strategic approach to budgeting, earning us the highest rating year after year and saving us millions of dollars over the life of our bonds.”

“Once again, Montgomery County has retained its AAA Bond Rating from all three major rating agencies,” said Government Operations and Fiscal Policy Committee Chair Nancy Navarro.  “The Council and County Executive working in collaboration during the most difficult economic circumstances during the Great Recession is what made this possible. While not always popular, the tough decisions to rebase the school system budget, find new sources of revenue, and restructure employee benefits is what has allowed us to maintain the highest possible credit rating. As a result of these hard choices, we will be able to make unpresented investments in our schools, libraries, public safety facilities, and transportation infrastructure.”