ELKTON, MD — Cecil County Executive Danielle Hornberger recently announced that the County has maintained its ‘AA+’ bond rating from Standard & Poor’s Global Rating Services (S&P) as well as its ‘Aa2’ bond rating from Moody’s Investors Service.
Every two years, the County must go through a bond market review. The bond review concludes with a new bond rating. The rating can go up, down, or stay the same. Cecil County issues bonds every two years in order to fund capital projects approved by the County Council.
On August 12, County Executive Hornberger and Finance Director James Appel presented to S&P and Moody’s Investors Service, and, on August 19, the County was notified by both agencies that it had a strong budgetary performance and maintained its bond ratings. This rating is noteworthy amidst the economic damage of COVID-19.
The rating agencies emphasized Cecil County’s growing economy, sound financial position, and strong management practices led to its AA+/Aa2 bond rating:
- The Standard & Poor’s report stated: “We view the county’s management as very strong. Although the county experienced turnover in the most recent election, leading to changes in executive as well as key administrative positions, we believe the new team is aligned with past practices to ensure fiscal stability as identified in policies and practices.”
- The Moody’s report stated: “The county’s financial position will likely continue to improve given management’s conservative budgeting practices.”
- The Standard & Poor’s report stated: “Over the long term, we expect the county’s economic profile to expand.”
“I would like to thank all the staff who supported this critical effort”, stated Cecil County Executive Hornberger. “This bond rating is further evidence of the County’s sound fiscal management and my decision to cut property taxes. While other counties are raising taxes and increasing spending, Cecil County continues to use conservative economic principles that allow us to save money, reduce taxes, and maintain our bond rating, all without raising taxes or raiding the rainy-day fund.”
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