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County Executive Laura Neuman Announces County’s Upgraded Financial Outlook

Publish Date: 06/17/2013

Standard & Poor’s revised its outlook from poor to stable

Annapolis, Maryland (June 17, 2013) — Anne Arundel County Executive Laura Neuman today announced that Standard & Poor’s Rating Services revised its outlook to stable from poor based on the measures management has taken to restore fiscal balance to the budget and rebuild reserve funds to an acceptable level.

“This is very good news for the County as it gives us a stronger financial position,” stated County Executive Neuman.  Prudent fiscal practices, a conservative budget, low debt burden, and a strong and diverse economy is reflected in this upgraded outlook.” 

Standard & Poor’s outlook demonstrates that the County continues to show strong growth, even during a slower economy. The stable outlook also reflects the County’s newly improved financial position following years of drawing down on reserve funds.

The meeting this week was the first time in five years the County Executive led the meetings with the ratings agencies. The County Executive was joined by the Chief Administrative Officer, the Budget Officer, the Controller, and for the first time a County Council representative to give a comprehensive presentation to Standard & Poor’s describing the County’s diverse economic base. 

“The meetings included a new presentation that tells the story of our great County,” stated County Executive Neuman.  “I think we gave the ratings agencies a very clear and detailed picture of our fiscal strength and thoughtful approach to governance.”

Standard & Poor’s and its predecessor organizations have been in business for 152 years. As one of the world's leading providers of independent credit risk research and benchmarks, they publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities.

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