Anne Arundel County Executive Steuart Pittman issued the following statement regarding the county’s upgrade to a triple-A (Aaa) bond rating from Moody’s, which marked the first time the county has received a triple-A rating from the credit rating agency:
“This upgrade is the result of a plan that I put in place three years ago to put our county in a more secure financial position. It rewards us for having budgeted conservatively, spent responsibly and invested in our future.
“In year one, we stopped the exodus of underpaid teachers, police officers and firefighters, and we created our permanent public improvements fund to keep up with our school, transportation and public safety infrastructure. The year before that, the county had exceeded its debt affordability by $76 million.
“In year two, we tightened our belts in response to concerns about a pandemic recession. In year three we used our surpluses to prepare for future economic downturns by growing our revenue reserve fund and paying upfront for capital projects. And we did all of that while keeping our taxes the lowest in the region.
“Moody’s doesn’t take these upgrades lightly. The analysts were clearly impressed not only by our financial management, but also by our positive business climate, our focus on the health and wellness of our most vulnerable residents, our smart growth land use planning, and our preparations for the impacts of climate change.”