Moody's Investors Service has issued a rating for an upcoming bond sale by Cecil Countyand also affirmed the rating for what it said is the first local housing agency to beassigned an issuer rating.
On Wednesday, Moody's assigned an A1 to roughly $21.3 million of consolidated publicimprovement and refunding bonds being sold Tuesday by Cecil County. Moody's alsoaffirmed an A1 rating on the county's $75.6 million of outstanding GO debt.
Standard & Poor's rates the county's GOs A-plus, but does not carry a specificconsolidated public improvement bond rating. Fitch Ratings does not rate the bonds,which are not expected to be insured.
The county will use $11.1 million of the proceeds for schools, emergency services, androads, and will use the rest to refund outstanding debt.
McGuireWoods is bond counsel. Davenport & Co. is financial adviser.
On Tuesday, Moody's affirmed the Aa2 rating for $225 million of outstanding MontgomeryCounty Housing Opportunities Commission single-family mortgage revenue bonds. Moody'salso affirmed its A1 issuer
rating for the agency based on "strong management, a sound balance sheet, and well-performing bond programs."
The Montgomery County HOC was assigned an issuer rating in 1994, becoming the firstlocal housing finance agency to be assigned an issuer rating by Moody's.
Neither Standard & Poor's nor Fitch rates the HOC's single-family program.
