Annapolis, MD (April 3, 2025) – County Executive Steuart Pittman announced today that Anne Arundel County has once again earned a Triple-A bond rating, the highest possible, from all three major credit agencies: Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings. This marks the third consecutive year the county has received this top-tier designation, an achievement shared by fewer than 2% of counties nationwide.
“Anne Arundel County has maintained a strong fiscal foundation, even in the midst of national budget turmoil and attacks from the federal government on Maryland businesses, residents, and public institutions,” said County Executive Pittman. “These Triple-A ratings reflect our strong economic growth, our disciplined budgeting practices, and the trust that our residents have placed in county government to plan wisely and lead with purpose.”
Each agency reaffirmed its stable outlook for the county and cited strong fiscal management, a diverse and resilient economy, and conservative budgeting practices as the foundation for continued credit strength.
“I’m incredibly proud that even with all the economic uncertainty our country is facing right now due to the chaos in the federal government, we earned our AAA Bond rating for a third year in a row because of the smart decisions we have made in the Arundel County,” said County Council Chair Julie Hummer. “These ratings are a testament to years of thoughtful collaboration and planning between the council and the administration, and our residents are the ones who will benefit from our fiscal discipline.”
Fitch Ratings emphasized Anne Arundel County’s “historically strong operating performance” supported by robust reserves equal to 22% of spending in fiscal year 2024. Fitch also noted the county’s “high” revenue control and “high midrange” budgetary flexibility, placing it in the top tier of its rated local governments.
S&P Global Ratings cited a “dynamic economy, healthy surpluses with substantial reserves, and a manageable—albeit growing—debt load” as key strengths. It affirmed the county’s AAA rating for both its existing and new debt issuances, which will fund a range of infrastructure improvements including water and sewer projects. S&P also highlighted Anne Arundel’s climate resilience efforts and its continued investment in infrastructure and economic development.
Moody’s Investors Service noted that the stable outlook of the county “reflects the growing likelihood that, despite ongoing federal government contraction, the county’s local economy will remain generally resilient.”
They also cited the county’s successful efforts to use pandemic-era surpluses to fund one-time capital investments while maintaining healthy reserves. Moody’s calculated the county’s fund balance at 38% of revenues following a year of strong revenue performance, including record income tax and investment earnings.
The agencies also acknowledged the county’s proactive debt management, commitment to long-term planning, and its strong local economy anchored by Fort Meade, NSA, BWI Airport, and the U.S. Naval Academy. Despite some exposure to federal employment trends, the county’s commercial base, residential growth, and employment diversity were cited as stabilizing factors.
“These top-notch bond ratings show that Anne Arundel’s responsible budgeting approach is working, and that our county is well positioned for the future - even in these uncertain times,” said Budget Officer Chris Trumbauer. “By achieving triple-A ratings for a third straight year, County Executive Pittman and the County Council are demonstrating that Anne Arundel County is in excellent fiscal health.”
A Triple-A bond rating allows Anne Arundel County to borrow at the lowest available interest rates, saving millions in taxpayer dollars as it invests in critical projects like schools, transportation, public safety facilities, and water and sewer systems among them.