If the Board of County Commissioners' annual report to the nation's three leading municipal bond rating agencies was a weather forecast, it might have been "reasonably sunny amidst a sea of gloom."

The annual report, presented to rating houses last week and discussed at a commissioners' briefing on Tuesday, Nov. 4, provides a detailed snapshot of the county's economic well-being.

The rating agencies -- Moody's and Standard & Poors -- will use the report to determine a rating for the approximately $80 million in bonds the county will sell on Nov. 13.

Most of the revenue raised from the bond issuance will pay for the new Manchester High School, the new classroom building at Carroll Community College and the new Freedom District water treatment plant.

A portion will also be used for agricultural preservation and road repair and maintenance.

The ratings can range from 'AAA' to as low as 'D'. The better the rating, the lower the interest rate the county has to pay.

Last year, the county earned a 'AA+' rating from Fitch, and 'Aa2' from Moody's and an 'AA' from Standard & Poors. In recent years, the county's rating has been consistently in the 'AA' territory.

Even so, as Steve Powell, chief of staff to the Board of Commissioners, pointed out, Carroll's bonds usually sell at a "'Triple A' rate (because) there's a lot of confidence in our bonds."

Overall, according to the three officials who compiled the information -- County Comptroller Rob Burk, Department of Management and Budget Director Ted Zaleski and Director of the Department of Economic Development Larry Twele -- Carroll is thus far holding relatively steady compared to the foundering state and national economies.

A few of the many positive indicators they cited include:

*A 3.5 percent unemployment rate for September, which is actually down from August and is third lowest in the state and 1 percent lower than the state average.

*A median county-wide household income of $78.000.

*A relatively low home foreclosure rate -- fewer than one foreclosure per one thousand houses -- that has held steady over the past three years.

*The county's "very aggressive" approach to paying off debt. Rob Burk said the county is "on schedule" to pay off 82 percent of its current debt in 10 years or less.

"Pretty much all will be paid on in 20 years," he added.

Burk said the county will find out on Nov. 10 what its new bond ratings will be.

The county's Credit Rating Presentation report can be viewed in its entirety on the Carroll County Government Web site: ccgovernment.carr.org.

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