LEONARDTOWN, Md. - The Board of Commissioners for St. Mary's County announced today that the County's credit rating has been upgraded. Standard and Poor's has raised its rating on St. Mary's County's bonds to AA from AA-.
"It's a great time to be at the helm of County Government," said Jack Russell, President, Board of County Commissioners. "This rating upgrade recognizes our solid economy and the fiscally prudent policy and actions of County Government."
According to the company's statement released on December 21, 2006, the change was "based on the ongoing expansions at the Patuxent River Naval Air Base, which was positively affected by the outcome of the 2005 Base Realignment and Closure (BRAC) commission findings - coupled with a strong financial position and established fiscal policies."