Baltimore County will bring $102 million of general obligation bonds to market tomorrow in a competitive sale to refund some of its outstanding debt.
The county will sell $25.4 million of metropolitan district bonds that will mature from 2009 to 2018, $28.4 million of consolidated public improvement bonds, which have maturities from 2009 to 2018, and $48.1 million of pension funding bonds with maturities from 2009 to 2015.
Public Resources Advisory Group of New York is financial adviser on the deal. McKennon Shelton & Henn of Baltimore is bond counsel.
Fitch Ratings gives the deal a AAA with a stable outlook. Fitch also affirmed at AAA the county’s $579 million of consolidated public improvement GOs, $512 million of metropolitan district GOs, and $58 million of pension funding GOs It affirmed $86 million of certificates of participation at AA-plus.
Moody’s Investors Service and Standard & Poor’s had yet to rate the deal at press time.
Fitch said the AAA rating on the county’s GOs is based on its broad economy and tax base, above-average wealth levels, moderately low debt levels with rapid amortization, and excellent financial management. The county’s consistently strong fiscal performance has contributed to solid reserves and high levels of pay-as-you-go capital funding, Fitch said.
Baltimore County sold $340 million of metropolitan district bonds on Dec. 13, 2007, to Merrill Lynch & Co. at a 4.27% true interest cost.
