By Stephanie Samuel

Sentinel Staff Writer

Prince George's County's ongoing redevelopment in cities surrounding Metro stations has given way to something bigger. The county now boasts a AAA bond rating, the highest rating possible, from Wall Street investment advisory Standard & Poor's. The rating was an upgrade from the county's previous AA bond rating. County officials praise the new bond rating as a long-awaited recognition of all the things the county has done right.

"It's really a confirmation of the stewardship that we've been [providing] over the last few years," said Prince George's County Council Chairman Samuel Dean (D-Dist. 6). Dean said the new rating is a confirmation that Prince George's County is "one of the premier counties in the country."

Maryland Gov. Martin O'Malley praised the county in a press release for helping bring the state closer to his goal of a One Maryland saying, "I want to congratulate County Executive Jack Johnson and the people of Prince George's County for this extraordinary symbol of progress and prosperity for the county."

O'Malley said the rating "is granted to those governments who demonstrate remarkable fiscal stewardship. This achievement should serve as an indication to the people of Prince George's County of the progress that has led to this point, and the opportunities that now lie ahead as a result of it."

According to county officials, the AAA bond rating is a distinction that only 48 of the nation's 3,000 counties possess. County Executive Jack Johnson said it has been hard work securing the improved rating. That hard work, Johnson said, consisted of regular visits to Wall Street and inviting public scrutiny of the county's budget, debts and loans.

"In other words, you talk about every aspect of [the county's] finances," he said.

In addition to finances, Johnson said they also worked hard to change the perception of the county as well. "Part of the work is to refine our community and how we see ourselves and how people see us," he said.

Prince George's County's multi-billion dollar redevelopment projects definitely helped give investors a new perspective on things. National Harbor, the county's newest $4 billion gem in Oxon Hill, is impressive all by itself. The Gaylord boasts a ritzy spa, a champagne bar and a world-class view and National Harbor is drawing popular restaurants such as Rosa Mexicano and Ketchup. Other county projects, University Town Center in Hyattsville, Konterra Town Center in Laurel and Woodmore Towne Centre in Glenarden, will all bring hotels and anticipated tourism dollars, improved entertainment, and high-end retailers such as Wegmans to the county.

"Making them understand who we are took six years," Johnson said. Now, he says, "the bond rating shows that we are a first-class community." He says he will soon announce more high-end retailers coming to the county.

Despite the excitement, Johnson acknowledges that the bond rating is only good for one year. After a year, the county must once again prove itself to keep its AAA rating. A lot can go wrong in a year. Just last year Prince George's County was number one in the state for foreclosures. However, Johnson says the solution is to continue the county's redevelopment.

"We have to continue to keep our growth," he said.

Contact Stephanie Samuel at

ssamuel@thesentinel.com