Pontiac, Mich., April 2, 2009 – Fresh on the heels of a trip to Chicago earlier this week to meet with Wall Street bond raters, Oakland County has received official confirmation that Moody’s Investors Service has reaffirmed Oakland County’s prized AAA Rating on $306.2 million of outstanding General Obligation Limited Tax debt. At the same time Standard and Poor’s gave the county an SP-1+ rating on its General Obligation Limited Tax Notes Series 2009 which is the highest rating possible and the equivalent of a AAA Bond Rating.
In a press release, Moody’s 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 2013.”
In addition, Moody’s gave the county a Mig-1, the highest rating possible on its General Obligation Limited Tax Notes Series 2009.
“These ratings, the highest possible which have just been issued by two of Wall Street’s premiere bond rating firms, underscore the fact that Oakland County is managing its finances in a responsible and prudent manner,” said Oakland County Executive L. Brooks Patterson. “To earn these ratings in a depressed economy is especially gratifying. This is a huge kudo to my finance and economic development teams.”
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 Bob Dustman, Media and Communications Officer, at (248) 858-1048.