The three major bond rating agencies have maintained Maryland’s AAA bond rating, Treasurer Nancy K. Kopp said Monday.
That’s ahead of the March 7 general obligation bond sale. Maryland is one of 11 states to hold the highest possible credit rating, joined by neighboring Virginia and Delaware.
S&P Global Ratings has rated Maryland’s bonds AAA since 1961. Moody’s has kept Maryland at a Aaa since 1973, and Fitch has rated Maryland bonds AAA since 1993.
Kopp called the ratings an “affirmation” of the state’s financial management and fiscal strength.
“The rating agencies recognize the contribution of our diverse economy, well-educated workforce, and above-average wealth and income levels to the overall quality of an investment in Maryland,” Kopp said. “The taxpayers of Maryland will continue to save millions of dollars as they benefit from lower interest rates prompted by these AAA ratings. This achievement allows us to continue to invest in our communities, notably our schools, libraries, institutions higher education, healthcare facilities and cultural projects important to the residents of our State.”
In its rating, Fitch cited Maryland’s “broad, diverse and wealthy economy, extensive budget controls and sound financial operations, and strong management of debt.”
Click here to read the rest of the article written by Tyler Waldman over at WBAL
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