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S & P Upgrades Allegany County Government’s Bond Rating

March 8th, 2013 by WCBC Radio

Within days of being notified that Moody’s Investors Services had upgraded the County’s Bond Rating, the Board of County Commissioners of Allegany County today learned that Standard & Poor’s (S&P) Rating Services had also elevated the County’s rating. The County’s rating with S & P was upgraded from an A to A+.

“To the casual observer this slight increase in rating may not appear significant, but to government bond traders it means the County will be paying less interest on money it borrows both short and long term,” commented Jason M. Bennett, CPA, County Finance Director.  “Similar to the assessment provided by Moody’s earlier in the week, the upgrade reflects S & P’s acknowledgment that the County’s financial outlook is stable,” Bennett continued.

 

“At a time when financial forecasts aren’t revealing many positive signs across the country, it’s a good feeling for us here in Allegany County to be recognized by the rating agencies for simply doing our best to run the county like a business,” stated County Commissioner William R. Valentine. 

As already reported, this rating upgrade followed a formal credit presentation made to S & P last month in New York City by Allegany County Commissioner Michael W.  McKay, Bennett, and County Administrator David A. Eberly.  “On behalf of the Commissioners and County staff, we wish to acknowledge the support the County received from Davenport & Company, LLC, from their Towson and Richmond offices. Their professionals had us very well prepared for the rating process,” stated Eberly.

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