Fitch Ratings assigns 'AAA' rating to Calvert GO bonds.
New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, assigned a 'AAA' rating to the following general obligation (GO) bonds of Calvert County, Maryland: --$26.6 million consolidated public improvement bonds, 2018 series.
It affirms the county's 'AAA' Issuer Default Rating (IDR) and 'AAA' rating on approximately $139 million in outstanding GO bonds. The bonds are expected to sell via competition on July 24. Bonds proceeds will be used to fund various public improvement projects within the county.
The bonds are general obligations of the county backed by a pledge of its full faith, credit and unlimited taxing power. The 'AAA' GO rating and IDR reflects the county's low long-term liability burden, very healthy reserve levels and superior budgetary flexibility, and prudent budget management. General fund revenue growth during the decade ending fiscal 2017 (June 30) has closely approximated the rate of inflation adjusted for various property tax rate increases. Revenues are expected to rise in relation to historical levels due to the construction of two large power plants, but also further concentrate the county's revenue base. The county's property tax levy and rate are not subject to limitation, providing significant legal revenue raising flexibility.
Calvert County is located in southern Maryland on a peninsula bound on the east by the Chesapeake Bay and on the west by the Patuxent River with 110 miles of shoreline. It is situated approximately 40 miles southeast of Washington D.C. and 65 miles south of Baltimore. The estimated 2017 population is 91,502, up only slightly since the 2010 census, but a nearly 22% increase from 2000.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Sep 27, 2018|
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