ELLICOTT CITY, MD – Despite numerous rating downgrades across our nation, Howard County Executive Calvin Ball today announced Howard County has once again earned the highest possible credit rating, AAA, from all three bond rating agencies – Fitch Ratings, Moody’s Investor Services, and Standard & Poor’s. In 2026, Howard County again ranks among the top two percent of counties nationwide to earn this vote of confidence based on a stable outlook from experts. Being one of roughly 130 counties with this distinction among approximately 3,100 in the U.S. demonstrates that Howard County’s financial management is fiscally strong, trustworthy, and responsible.
While federal impacts and tough fiscal realities and uncertainties continue to loom across our great state and country, Howard County stands as the ‘Gateway to opportunity’ having once again earned a AAA bond rating from all three credit rating agencies this week. From our expanding international opportunities, booming local economy, and spurring new job growth, the state of Howard County remains strong thanks to the strategic decisions we continue to make to secure our present and future.
After evaluating financial criteria including Economy/Tax base, Finances, Management, and Debt/Pensions, each agency issued a report that highlights Howard County’s strengths.
Fitch cited, “Howard County's financial resilience is driven by the combination of its ‘High’ revenue control assessment and ‘Midrange’ expenditure control assessment, culminating in a ‘High Midrange’ budgetary flexibility assessment.” Additionally, “The overall strength of Howard County's demographic and economic level indicators (unemployment rate, educational attainment, median household income [MHI]) in 2024 are assessed as ‘Strongest’ on a composite basis, performing at the 95th percentile of Fitch's local government rating portfolio. This is due to relatively strong education attainment levels, median-issuer indexed adjusted MHI and unemployment rate.”
Moody’s highlighted, “The stable outlook reflects the likelihood that the county's financial position will remain healthy, supported by steady revenue growth and strong management.”
Standard & Poor’s noted, “The county is a desirable, affluent community, with a very strong economy supported by a well-educated population, wealthy property tax base, high household incomes, and direct access to the Baltimore and Washington metropolitan statistical areas (MSAs). In our opinion, these factors, along with surplus financial operations and comprehensive financial management policies and practices have allowed the county to weather economic downturns, experience good tax base and revenue growth, and underpin the ‘AAA’ rating.” Moreover, “Howard County has historically maintained steady financial performance with robust reserve levels throughout economic cycles. Conservative budgeting practices, formalized and well-adhered-to fiscal policies, active participation by the county's 22-member Spending Affordability Advisory Committee, and a well-seasoned management team are all factors that have sustained the county's sound financial position.”
Howard County’s Triple A rating reaffirmation by all three major rating agencies is an extraordinary achievement! This milestone reflects the dedication and expertise of the Department of Finance team, as well as the strong leadership of County Executive Ball and his steadfast commitment to fiscal responsibility and prudent financial management. A special thank you to the Finance team and the entire county for their collaboration in earning this prestigious recognition, which helps keep borrowing costs low and ensures we can continue funding critical projects that benefit our community.