Montgomery County has retained its AAA bond rating from all three bond rating agencies, Montgomery County Executive Isiah Leggett announced Monday.
Standard & Poor's, Fitch and Moody's all gave the country the highest possible rating with a stable outlook. The rating agencies cited the county's strong economic base and measures taken to address weakened revenues during the recession, Leggett said.
Due to the ongoing negotiations over raising the nation's borrowing limit, some ratings agencies have said they would consider downgrading the U.S.'s credit rating.
The rating allows Montgomery County to issue bonds at lower interest rates because the bonds are considered a safe investment for buyers.
The AAA rating applies to bonds totaling $580 million that the country will issue next Wednesday.
Leggett credited his administration’s work to close $2.5 billion in budget gaps over the past five years with helping achieve the high rating.
"Our challenges remain, but the decisions today by the bond rating agencies show that Montgomery County is on the right track,” he said.