State, Baltimore County bonds upgraded by S&P

MARYLAND WATCH

January 16, 1996

Also yesterday, it was incorrectly reported that Standard & Poor's Corp. raised its rating on $516 million of state of Maryland general obligation bonds. In fact, Standard & Poor's raised its rating on $516 million of Baltimore County general obligation bonds to AAA. Maryland general obligation bonds are already rated AAA.

The Sun regrets the errors.

Standard & Poor's Corp. yesterday raised its ratings on certain Maryland state and Baltimore County bonds to AAA in a move that the rating agency said reflects "a deep and broad economy that continues to exhibit diversification."

The agency raised its rating on $516 million of Maryland general obligation bonds from AA-plus. It also raised $21.1 million of state-issued "certificates of participation" to AA from A-plus.

FOR THE RECORD - CORRECTION

Standard & Poor's raised its rating on $280 million of paper issued by the Baltimore County Metropolitan District from AA-plus. The district finances the county's public water and sewer systems, relying on tax assessments and user fees to repay the bonds.

"Baltimore County's rating upgrade is based on consistent economic performance during past economic cycles and emergence as a leading economic engine within the Baltimore metropolitan area," S&P said in a statement announcing the upgrades. "The county's economic growth trends across virtually all employment sectors are expected to lead the mid-Atlantic region and exceed the surrounding metropolitan area."

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