PONTIAC, Mic., August 12, 2009 – Oakland County Executive L. Brooks Patterson today announced that Moody’s Investors Service and Standard & Poor’s has reaffirmed the County’s prized AAA Bond Rating on $5.23 million of limited tax refunding debt for the Birmingham CSO Drainage District.
A statement was issued by Moody’s which said: “While the county faces significant economic and financial challenges, Moody’s is confident that management has identified important ways to maintain a healthy financial position. Despite expected declines in taxable valuation that are now projected to be more substantial than originally budgeted, the county has identified specific ways to close the projected budget gaps through 2012. The long-term planning positions the County to successfully weather the economic downturn.”
While Moody’s has placed the nation’s state and local government sector on negative outlook, they proclaimed that Oakland County’s outlook is stable, stating this outlook “reflects Moody’s expectation that the County will continue to adhere to its historically strong budget and management practices which have resulted in ample financial flexibility that positions the County well to manage through current economic challenges.”
“To earn these ratings in a depressed economy and a tight credit market is especially gratifying,” said Oakland County Executive L. Brooks Patterson.
Oakland County, which first received its AAA Bond Rating in 1998, has had it reaffirmed every year since by Moody’s and Standard and Poor’s. Only 34 counties among more than 3,000 nationwide have attained and maintained a AAA Bond Rating.
For media inquiries only, please contact Laurie Van Pelt, Director of Management and Budget, at (248) 858-2163.