Maryland has retained its triple-A bond rating from the three main bond ratings agencies ahead of an upcoming sale of $1.1 billion in general obligation bonds.
Proceeds from the bonds will be used to finance capital projects and improvements such as public schools, community colleges, university projects and hospitals, according to a news release from Maryland State Treasurer Nancy Kopp’s office. The Board of Public Works, which consists of Kopp, Gov. Larry Hogan and Comptroller Peter Franchot, will preside over the bond sale on July 22.
Maryland maintained its triple-A rating despite the impact of the Covid-19 pandemic and is one 13 states to have the highest-possible rating. The agencies — S&P Global Ratings, Moody’s Investors Service and Fitch Ratings — categorized Maryland’s outlook as “stable” while cautioning about possible challenges that could lie ahead.
A top rating helps the state save money by allowing it pay a lower interest rate on its bonds. A lower rating means the…
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