“[It’s] unprecedented,” Murphy said. “I can’t tell you how proud I am to tell you that we’ve done it again for the third year in a row.”
County Administrator Michael Mallinoff said that the award means a lot to the county.
“In essence, it means
that the cost of our borrowing for major projects, whether it’s utilities, schools, roads, the [senior and recreation] center ... is cheaper for our residents.”
Mallinoff said that last week’s meetings in New York City to present the county’s financial reports to the three agencies were “probably the best ratings trip that I’ve ever been on in terms of the reception we received from
the rating agencies.”
“The last rating agency that we saw said, ‘In 2016 we gave you a AAA [rating] and you’ve only gotten better,’” Mallinoff said.
S&P has rated the county’s bonds AAA since 2015. Moody’s has done so since 2016, and Fitch since 2010.
According to a news release from the Charles County Government public information office, the
report issued by S&P Global Ratings highlighted the county’s “strong financial policies and practices.”
Moody’s report said that the county benefits from a broad tax base, the nearby presence of military bases and Washington, D.C., an “improved” housing market, resident wealth, and its long-term financial forecasting.
However, the Moody’s report pointed out that
the county’s reliance on “economically sensitive revenues” and a tax base that was below the national median for similarly ranked counties represented potential future challenges for the county’s credit rating.
Mallinoff told the Maryland Independent that he and his staff addressed those concerns by discussing the long-term development opportunities represented by projects such as last year’s purchase by the Lennar Corporation of the remaining undeveloped properties in St. Charles and the Waldorf Crossing project, which will include a new interchange at the future terminus of the new Western Parkway extension.
The General Assembly earmarked $13 million for the interchange in the