Summary: Maryland; Tax Secured, General Obligation Jul 04
- ID: 1886979
- July 2004
- Region: Maryland
- Standard & Poors
The 'AAA' rating on Maryland's GO bonds reflects: A recent history of balanced budgets and sound liquidity, including fiscals 2003-2005, but a reliance on onetime revenues; Historically sound financial management and performance that led to the build up of a "rainy day" reserve through fiscal 2001--although reserves were tapped, the stabilization fund was not reduced below 5% of revenues through fiscal 2004; A diverse broad-based economy that has performed well above average due to a large and expanding federal government presence; High wealth and income levels, and unemployment that remains below the national average through economic cycles; and A manageable debt burden enhanced by a statutory 15-year debt maturity schedule. The economic recovery helped generate an estimated $230 million surplus...
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Action: New Rating
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