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NEWS RELEASE

November 9, 2009

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Howard County Receives Triple-A Rating from All Three Agencies for a Second Time This Year

ELLICOTT CITY, MD -- Howard County Executive Ken Ulman was notified today that for a second time this year all three bond rating agencies -- Fitch Ratings, Standard & Poor’s, and Moody's Investor Services -- have given Howard County a Triple-A credit rating. Due to a refunding sale being held this month, the County is required to update their ratings. Back in March of this year, Howard County was one of approximately 30 counties nationwide to have a Triple-A rating from all three agencies.

“It’s always great to achieve a Triple-A rating from all three agencies,” said County Executive Ulman. “I am gratified that all three agencies recognized the importance of our strong management especially during this economy, and in particular I would like to thank our Director of Finance Sharon Greisz and our Budget Director Ray Wacks for their sound fiscal management and advice.”

Standard & Poor’s “considers Howard County’s management practices ‘strong’ under its Financial Management Assessment methodology, indicating practices are strong, well embedded and likely sustainable.” In addition, S&P remarked on the county having a proven track record of taking the necessary actions to curb expenditures and therefore, expects the county will continue to budget conservatively and maintain stable reserves in light of these difficult economic conditions.

Moody’s noted, “We believe that the County’s strong management practices and comprehensive fiscal policies favorably position the County to maintain General Fund balance at satisfactory levels going forward.”

According to Fitch Ratings, “The County’s financial position is strong, with ample liquidity, sound general fund reserves above the charter-mandated level, and excellent financial planning.”

“The rating agencies recognize that these are extraordinarily difficult economic times and that local governments, including Howard County, are struggling to cope with substantial drops in revenue. They recognize that Howard County has a history of strong fiscal management and expect us to weather the storm once again,” said County Finance Director Sharon Greisz.

All three agencies examined Howard County’s diverse tax base, financial policies, debt burden and long-range plans for continued fiscal health, economic strengths and overall quality of life. These credit ratings determine the interest rate Howard County will pay on bonds.