Pontiac, Michigan, March 3, 2010 – Oakland County Executive L. Brooks Patterson announces that Wall Street has reaffirmed Oakland County’s AAA bond rating – a remarkable feat in a struggling economy.
“This is incredibly good news,” says Patterson. “It gets tougher each year to retain AAA given the region’s economic challenges. Clearly, S&P recognizes Oakland County’s strengths and awarded us their highest rating.”
Oakland County’s greatest strength, according to Standard & Poor’s, is its balanced three-year budget. “S&P told us that our three-year budget should be an example for every government in the nation,” says Laurie Van Pelt, the county’s director of Management and Budget.
Patterson credits the hard work of his Budget Task Force – which consists of his five deputy executives, VanPelt and Human Resources Director Nancy Scarlet – for the AAA rating.
“This was a team effort,” Patterson says. “I’m proud of what my Budget Task Force has done for Oakland County. This translates to multi-million dollar savings for taxpayers.”
Standard & Poor’s issued the AAA rating on $5.8 million of Build America Bonds for the new LEED-certified terminal to be built at Oakland County International Airport and $12.56 million of refunding bonds for 52-3 District Court in Rochester Hills. Garnering the AAA rating means Oakland County will pay the lowest possible interest rate on these bond issues.
Oakland County Treasurer Andy Meisner says that’s great news.
“Standard & Poor’s affirming Oakland County’s AAA bond rating is great news for our taxpayers and our morale,” says Meisner. “Brooks and his team have a strong record of fiscal management that the ratings agencies really respect. I was very proud to join them in representing Oakland County, and couldn’t be happier with the result of our working together.”
For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at (248) 858-1048.