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Moody’s, Fitch and Standard and Poor’s all rate the county AAA and stable
LARGO, MD – Prince George’s County Executive Angela Alsobrooks announced today that all three of the financial ratings agencies, Moody’s, Fitch and Standard and Poor’s, have maintained the county’s triple-A bond rating and stable economic outlook. The announcement comes after Alsobrooks and the county’s financial team traveled to Wall Street last month to meet with each agency. Less than 50 counties nationwide currently have a triple-A rating.
“We are very pleased that Moody’s and Fitch maintained our triple-A rating,” Alsobrooks said. “These ratings are a sign of our sound fiscal policies and our ability to manage our obligations in a fiscally responsible way.”
In their report, Moody’s said the rating is the result of, “the county's sizeable and diverse tax base, above-average resident wealth levels and sound reserve position supported by comprehensive fiscal policies” of the Alsobrooks Administration.
Moody’s also said the county’s financial position is likely to remain stable due to the ongoing commercial and residential development in the county and region.
Standard and Poor’s cited the county’s, “strong financial policies and practices,” also highlighting several factors that will ensure continued growth. “Due to the county’s strong transportation network, and ample amounts of still-developable land, Prince George's County remains poised for continued economic growth.”
The announcement comes on the heels of the April ribbon cutting for the new Kaiser facility in New Carrollton and the announcement that WMATA will build its Maryland headquarters at the same location.
The county also boasts 25 of the state’s 149 opportunity zones, second only to Baltimore City. These locations qualify for tax incentives and other benefits to those who develop projects at the sites. The county currently has two projects underway that will receive opportunity zone funding, the Bozzuto mixed-used development in College Park and Urban Atlantic, near the Kaiser building in New Carrollton. Additionally, the county recently hosted two opportunity zone conferences with more than 400 people in attendance.
Alsobrooks and the county’s economic development team will also be headed to the International Council of Shopping Centers convention later this month, where they will meet with businesses and developers who have expressed an interest in locating in the county.
“These successes and many others confirm that Prince George’s County is the economic engine in the state and region,” Alsobrooks said. “We are Prince George’s Proud!”