(Source: Business Wire)Fitch Ratings assigns an 'AA+' rating to Carroll County, Maryland's (the county) approximately $66.7 million general obligation (GO) bonds, consisting of $32.1 million consolidated public improvement and refunding bonds of 2009, series A, and $34.7 million consolidated public improvement bonds of 2009, series B. The county expects to issue series A as tax-exempt bonds, although series B may be bid as tax-exempt bonds or as taxable Build America Bonds, at the option of the county. Both series are scheduled to price via competitive sale on Nov. 12, 2009. Additionally, Fitch affirms the 'AA+' rating on approximately $271 million in outstanding GO bonds. The Rating Outlook is Stable.

The 'AA+' rating reflects the county's strong financial position, continued adherence to prudent fiscal policies, comprehensive long-term planning, the steadily growing tax base, and moderately low debt levels. Changes to the county's adequate public facilities ordinance slowed residential development, and officials seek to preserve open space through the purchase of easements. The county retains ample financial flexibility through additional revenue-raising capacity and solid reserves, which should bode well during a time of economic and financial pressure. Debt levels are expected to remain moderate due to manageable capital needs and rapid amortization of principal.

Located in north-central Maryland, Carroll County's proximity to the employment centers of Baltimore, MD and, to a lesser extent, Washington, D.C. has contributed to its strong population growth over the past two decades. Since the 2000 census, this largely residential community has grown 12.2%, which is double the state's 6.1% growth rate for the same period. In response, county officials are continuing their effort to encourage sustainable growth by reviewing the current employment zones and growth management strategies. Although the county's unemployment rate of 6% for September 2009 represents an increase year-over-year, this economic indicator remains comfortably below the regional, state, and national averages. With concentrations in the construction and retail trade sectors, the county's employment base is somewhat limited; economic development efforts remain focused on adding depth and breadth to local job opportunities.

Financial operations and reserve levels are sound, and guided by prudent policies and long-term planning efforts.