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NEWS RELEASE

January 30, 2008

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Howard County Receives Triple-A Rating from all three Bond Rating Agencies

ELLICOTT CITY, MD -- Howard County Executive Ken Ulman was notified today that, for the 11th consecutive year, all three bond rating agencies – Fitch Ratings, Standard & Poor's, and Moody's Investor Services -- have given Howard County a Triple-A credit rating. Howard County is one of approximately 30 counties nationwide to have a Triple-A rating from all three agencies.

According to Fitch Ratings, “The AAA rating reflects Howard County’s deep and diverse economy, strong financial management, affluent residents and a moderate debt burden with rapid amortization. The county’s financial position is strong, with ample liquidity, sound general fund reserves above the charter-mandated level, and excellent financial planning.”

Moody reported, “The assignment of Moody’s highest quality rating reflects the county’s strong economic position, including a sizeable tax base and wealthy demographic profile……The County has the highest median household income in the state and the third highest nationally. Unemployment in the county, characteristically much lower than state and national levels, was 2.4% as of November 2007, as compared with 3.5% statewide and 4.5% nationwide. Job growth in healthcare, financial services, defense and homeland security sectors continue to drive the expansion of the employment base.”

Standard & Poor’s considers Howard County management practices, “strong.” “The County has a long-standing record of being fiscally conservative, with good adherence to management policies and practices.”

"All three rating agencies were pleased by the County's appropriation of $14 million this fiscal year to begin pre-funding our $477 million liability for health care for retirees and our commitment to meet the actuarially required funding level within eight years,” said County Director of Finance Sharon Greisz.

All three agencies examined Howard County’s diverse tax base, financial policies, debt burden, and long-range plans for continued fiscal health, economic strengths and overall quality of life. These credit ratings determine the interest rate Howard County will pay on bonds.

The full bond rating report from each of the three agencies will be available from the County’s website at www.howardcountymd.gov on February 1, 2008.