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Today, Allegany County announced favorable results from recent credit presentations made to S&P Global Ratings and Moody's Investors Service. S&P Global Ratings revised its outlook from "stable" to "positive" on Allegany County, Maryland's general obligation debt. The ratings were a part of a process as Allegany County prepares to go to the bond market in issuing $10.9 million public improvement bonds this year.
"The rating agencies have affirmed that Allegany County Government will continue to make the tough fiscal decisions necessary to efficiently run local government. I would like to thank Finance Director Jason Bennett and his staff for their leadership and expertise," said Commission President Jake Shade.
S&P Global Ratings noted in its analysis, "the outlook revision reflects the county's strong and consistent budgetary performance over the past few years, resulting in the addition of $5 million dollars to its available reserves of $24.5 million in 2017, which we consider very strong."
While S&P revised the County's outlook to positive, it reaffirmed the County's overall credit rating of AA- Moody's Investors Service also reaffirmed its previous credit analysis reporting that the County possesses a Aa3 credit profile. Moody's analysis echoed S&P's commenting on County management's "adherence to formal fiscal policies and conservative budgeting of revenues and expenditures."
The County's maintenance of available reserve funds, which remained a principal reason for the favorable credit ratings, allows the County to borrow the needed capital for a number of important projects including renovations to Allegany College of Maryland's Technology building and funding for county bridges and maintenance of various county facilities. It also allows the County to borrow the funds as a more favorable rate.
The County is slated to go to the bond market in mid-December. The public improvement bonds of 2018 are designated for: