International Rating Agency Upgrades Wicomico County’s Credit Ranking

Wicomico County Executive Rick Pollitt has announced that the New York bond rating agency, Fitch Ratings Inc., has upgraded the county’s bond rating a full step from AA- to AA in anticipation of selling bonds to finance the completion of Bennett Middle School and other capital projects.

Fitch’s ratings boost follows similar upgrades issued last year by the other two rating agencies, Moody’s Investors Service and Standard & Poor’s. The rating further defines the county’s Rating Outlook as “stable.” In a press release from Fitch, the county was praised for having a “strong financial profile including revenue and spending flexibility as well as robust reserves.” Other components of the upgrade referred to “strong fiscal management, favorable debt position, well-managed long-term liabilities and conservative budgeting and revenue enhancements.”

Specifically, Fitch noted, “The county has prudently increased the property tax rate to offset pressures stemming from ongoing declines in taxable assessed value and continued to budget conservatively.” Also, “favorable operations are mostly due to conservative expenditure budgeting and revenue enhancements made during the budgeting process.”

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