Prince George's County Maintains Coveted Triple-A Bond Rating
Fitch Rates the County Triple-A with Stable Economic Outlook; Ratings Removed from Under Criteria Observation
LARGO, MD – Prince George’s County Executive Angela Alsobrooks announced today that Fitch, one of the three financial ratings agencies, has maintained the County’s triple-A bond rating and stable economic outlook. The ratings have also been removed from Under Criteria Observation. This triple-A bond rating is a testament to the County’s efforts to maintain its fiscal health during a difficult budget cycle.
“We are very pleased that Fitch has once again maintained our triple-A rating,” said Alsobrooks. “Despite our challenges with this year’s budget cycle, this rating is the latest sign that we have fought to maintain the fiscal health of the County. We have made tough choices but have kept our commitment to making the types of investments that will strengthen our County in the long run. We will continue moving forward with our economic growth strategy and fiscal discipline in our budget so we can maintain our County’s stable economic outlook.”
Fitch cited “rating reflects the county's historically strong operating performance supporting its 'AAA' financial resilience assessment. The 'AAA' assessment reflects a 'high midrange' level of budgetary flexibility and Fitch's expectation that reserves will be maintained at or above 10% of spending (compared to the current 33%).”
Since the start of the Alsobrooks Administration in 2018, Prince George’s County has received a triple-A rating from each of the ratings agencies every year. The County has met with the other two rating agencies, Moody’s and Standard and Poor’s, and is awaiting their responses.
The County Executive will give her annual State of the Economy Address on Thursday, June 13, 2024. More details about the State of the Economy Address can be found here: https://www.pgcedc.com/sote-2024.
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