Fitch Ratings, one of the three major bond-rating services in the U.S., has assigned an AAA rating — the highest available — to two sets of bonds that the state will sell via competitive sale on July 24. To be sold are $435 million in tax-exempt bonds and $40 million in taxable bonds.
In addition, Fitch affirmed the AAA rating on approximately $8 billion in outstanding state general obligation (GO) bonds, to which the state’s full faith and credit are pledged. The rating outlook is stable, Fitch said.
“The ‘AAA’ rating on Maryland’s GO bonds reflects its sound financial operations, a wealthy, diversified economy and strong management of debt,” Fitch said.