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County’s Bond Rating Gets Upgrade

March 7th, 2013 by WCBC Radio

Moody’s Investors Services has upgraded its long term General Obligation rating on Allegany County, Maryland from “A1” to “Aa3.’ Moody’s has applied the rating to the County’s $9.359 million General Obligation Refunding Bonds, Series of 2013.  The bonds are general obligations of the County secured by its full faith and credit. This upgrade reflects Moody’s assessment of the Allegany County’s financial outlook which identified the following conditions: A trend of stable and healthy finances; Strong financial management practices; Growing reserve levels; and manageable debt burden. Allegany County Commissioner Mike Mckay tells WCBC News that an upgrade by Moody’s Investor Services solidifies the County’s financial position as we move to refinance existing debt…

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