Prince George’s County has retained its AAA bond rating from three ratings houses that examine local government finances.
County Executive Rushern L. Baker III (D) on Thursday called the ratings “great news. It shows they have confidence with where we are going in county government.”
The ratings are from Fitch, Standard & Poor’s and Moody’s. They also indicate that the county’s financial stability is viewed as better than that of the federal government, whose credit rating was downgraded following the August stalemate over government spending and the federal deficit.
For Prince George’s, the reaffirmation of the highest possible ratings means the county will be able to borrow money at lower interest rates than jurisdictions with lesser ratings. And that could be good news for county residents, who are enduring spending cutbacks in the nearly $2.7 billion county budget.
“We will be able to fund more services and programs,” county budget chief Tom Himler said.