PRINCE FREDERICK, Md. – The Calvert County Board of County Commissioners (BOCC) proudly announced that Calvert County has secured a AAA bond rating for the seventh consecutive time, demonstrating its sustained fiscal strength and economic resilience. The highest achievable rating was confirmed by three independent credit rating agencies: Fitch Ratings, Moody’s Investor Services, and Standard & Poor’s (S&P) Global Ratings.
The AAA rating was awarded to the county’s 2023 general obligation bonds, amounting to $69.27 million. This rating applies to new issuances and reaffirms the county’s status on its outstanding debt. Such a rating is crucial as it reflects the county’s strong ability to fulfill its financial commitments, leading to more favorable borrowing terms. This, in turn, translates into savings for taxpayers and enables the county to continue providing high-quality public services.
BOCC President Earl F. “Buddy” Hance highlighted the county’s unwavering commitment to fiscal responsibility. “This top rating is a testament to our prudent financial practices and our dedication to ensuring the long-term economic health of Calvert County,” he remarked, emphasizing the financial community’s trust in the county.
In assigning its AAA credit rating, Fitch Ratings recognized the county’s low long-term liability burden, very healthy reserve levels, superior budgetary flexibility, and prudent budget management. Due to these factors, the agency underscored the county’s capacity to withstand potential economic downturns.
Moody’s Investors Service also assigned an “Aaa” rating, acknowledging the county’s diverse economic base, which includes Constellation Energy’s Calvert Cliffs Nuclear Power Plant and BHE GT&E Cove Point Liquified Natural Gas (LNG) Facility. The agency lauded the county’s historically strong financial performance and conservative budgeting practices, predicting continued financial health and local economic diversification.
S&P Global Ratings, in granting the AAA rating, noted the county’s expanding economy, conservative financial management, history of recurring surpluses, and manageable debt profile. “The county’s conservative budgeting practices and well-embedded fiscal policies have allowed Calvert to maintain strong budgetary performance and very strong flexibility through various fiscal cycles,” the agency stated.
County Administrator Mark Willis attributed this success to diligent planning, the dedication of employees, and the support of county citizens. “It takes a great deal of hard work, good planning, and unwavering commitment to excellence to uphold our AAA status,” he said, expressing pride in this achievement for the county, its government staff, and the citizens of Calvert County.
In conclusion, Calvert County’s continued achievement of a AAA bond rating clearly indicates its robust financial health and effective fiscal management. This distinction is a testament to the county’s sound financial strategies and unwavering commitment to economic stability and growth.
