Summary: Charles County, Maryland; General Obligation Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services revised the outlook on its 'AA' long-term rating and underlying rating (SPUR) on Charles County, Md.'s general obligation (GO) debt to stable from positive. The outlook revision reflects our assessment of the county's significant reserve drawdowns due to management's intention to keep reserves between 8% and 15%, according to county policy, and decreased revenues due to the recession. At the same time, Standard & Poor's assigned its 'AA' long-term rating and stable outlook to the county's series 2011 GO tax-exempt and taxable consolidated public improvement bonds and affirmed its 'AA' long-term rating and SPUR on the county's existing GO debt. The rating continues to reflect our opinion of the county's: Primarily residential and rural property...

Companies mentioned in this report are:
- Charles Cnty

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Charles Cnty

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