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County Executive Laura Neuman Announces Second Upgraded Financial Outlook

Publish Date: 06/18/2013

County Executive Laura Neuman Announces Second Upgraded Financial Outlook

Moody’s affirms Aa1 bond rating and revises outlook from negative to stable

Annapolis, Maryland (June 18, 2013) — Anne Arundel County Executive Laura Neuman today announced that Moody’s Rating Services affirmed an Aa1 bond rating and revised its financial outlook to stable from negative based on positive steps the County has taken to improve its overall economic health.

“This is the second improved financial outlook from the ratings agencies,” stated County Executive Neuman.  “This fiscal year we made significant investments in our fund balance. In addition to our low debt and a diverse economic climate, Anne Arundel County is well-positioned to achieve financial flexibility.”

Moody’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.

Moody’s noted that the federal government and defense community presence in the county increased significantly as a result of Base Realignment and Closure (BRAC) which added approximately 5,700 jobs to Fort George Meade.  The growing cyber security industry is expected to continue adding jobs in the County, which boasts a relatively low unemployment rate - less than the national and the statewide rates.

Last 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 Moody’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 also upgraded the County’s financial outlook to stable and issued an AAA bond rating.

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