County Executive Pittman Issues Statement on County's Upgrade to Triple-A Bond Rating from Moody’s
Annapolis, MD (March 14, 2022) - Anne Arundel County Executive Steuart Pittman issued the following statement regarding the County’s upgrade to a triple-A (Aaa) bond rating from Moody’s, the first time the County has ever received a triple-A rating from Moody’s:
“This upgrade is the result of a plan that I put in place three years ago to put our county in a more secure financial position. It rewards us for having budgeted conservatively, spent responsibly, and invested in our future.
“In year one we stopped the exodus of underpaid teachers, police officers, and firefighters, and we created our permanent public improvements fund to keep up with our school, transportation, and public safety infrastructure. The year before that the county had exceeded its debt affordability by $76 million.
“In year two we tightened our belts in response to concerns about a pandemic recession. In year three we used our surpluses to prepare for future economic downturns by growing our revenue reserve fund and paying up front for capital projects. And we did all of that while keeping our taxes the lowest in the region.
“Moody’s doesn’t take these upgrades lightly. The analysts were clearly impressed not only by our financial management, but also by our positive business climate, our focus on the health and wellness of our most vulnerable residents, our smart growth land use planning, and our preparations for the impacts of climate change.
“This upgrade is a welcome sign that we truly are making Anne Arundel County The Best Place For All.”
Moody's Anne Arundel County Rating Action