PONTIAC — On Thursday, Standard & Poor reaffirmed Oakland County’s AAA bond rating for the 17th consecutive year, awarding the highest credit ratings to the county’s short-term and long-term bonds.
S&P assigned a SP-1+ rating to the county’s $25 million General Obligation Limited Tax Notes Series 2014. The county will utilize the proceeds to purchase a portion of the delinquent property taxes of its underlying local governments. S&P also affirmed the AAA rating on the county’s outstanding long-term GOLT bonds.
S&P’s affirmation of Oakland County’s AAA rating was released within hours of Moody’s Investor Service’s reaffirmation of the county’s excellent bond credit. Moody’s has awarded Oakland County an MIG 1, the organization’s highest credit rating, since 1998, including through the challenges of Detroit’s Chapter 9 Bankruptcy and the Great Recession.
S&P cited Oakland County’s fiscal strength and diverse economy in awarding the county its highest ratings.
Oakland County taxpayers benefit from the county retaining S&P’s highest bond rating. “A bond rating is like a credit score,” Oakland County Executive L. Brooks Patterson said. “When we issue bonds, we get the best interest rates available. That saves taxpayers millions of dollars.”