This report does not constitute a rating action. Maryland county and municipality (or local government [LGs]) credit conditions remain stable and strong, in S&P Global Ratings'view, supported by solid economic underpinnings, particularly with LGs tied to the Washington-Arlington-Alexandria and Baltimore-Columbia-Towson metropolitan statistical areas (MSAs), above-average economic output and income metrics despite recent stagnation in job growth and employment, and typically robust reserves. S&P Global Ratings expects Maryland LGs'credit quality will remain generally stable over the next year given economic depth and strong reserves. However, difficulties primarily related to the state’s ties to the federal government and cuts to federal employment and spending along with increased public education expenses could pressure LG financial performance, particularly that of LGs with
