Fitch rates Montgomery County improvement bonds AAA

Fitch Ratings said it assigned an AAA rating to the $250 million 2008 series A consolidated public improvement bonds issued by Montgomery County, Md.

The bonds are scheduled to price via competitive sale on July 22.

The bonds will redeem an equivalent amount of commercial paper, thereby providing permanent financing for county capital projects.

Fitch also affirmed the AAA rating on the county's $1.5 billion general obligation bonds outstanding and $48.3 million G.O. bonds issued through the Maryland-National Capital Park and Planning Commission; the AA+ rating on $33.6 million certificates of participation issued for the county's equipment acquisition program, $41.5 million lease revenue bonds issued through the Maryland Economic Development Corp. and $22.8 million lease obligations issued through the Montgomery County Revenue Authority for the Germantown indoor swim center project; and the AA rating on $15 million lease obligations issued through the revenue authority for the conference center project and $38.3 million in lease obligations for Metrorail garage projects.

The outlook is stable.

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