Oakland County has retained its Aaa bond rating with a stable outlook amid the fiscal and operational challenges of the COVID-19 pandemic, County Executive Dave Coulter announced Monday. Moody's Investors Service awarded its highest credit score to the county for two Water Resources Commissioner (WRC) refunding bonds which will save ratepayers an estimated $5.2 million with lower interest rates over the life of the bonds.
Moody's cited Oakland County's effective response to the virus, budgetary excellence, and the Coulter administration's strategic vision for the future as the rationale for reaffirming the county's bond rating.
"The county has maintained its financial strength throughout the pandemic and it has benefitted from the receipt of significant federal stimulus, which it has and will leverage to support small businesses, community health, and social services," Moody's said in its press release.
"Throughout the pandemic, my administration and the other elected officials have leaned into the pandemic response to ensure we are supporting the critical needs of our residents, businesses, schools, communities, and non-profit organizations so the county will emerge strong from COVID-19," Coulter said. "This Aaa bond rating affirms that Oakland County is headed in the right direction."
The two refunding bonds are the City of Pontiac Wastewater Treatment Facility Drainage District Drain Refunding Bonds, Series 2021 ($39.11 million) and Oakland County Farmington Hills Water Supply System Refunding Bonds, Series 2021A ($4.21 million). The bond sale will be on April 28.
"The longstanding Aaa bond rating that Oakland County has earned allows for important water and sewer projects to be financed at the best rates," Water Resource's Commissioner Jim Nash said. "It provides cost-effective benefits that will have a positive impact on our ratepayers and lasting economic, environmental and social equity rewards that will resonate for decades to come."
Oakland County has consistently maintained a Aaa bond rating since 1998 because of the shared commitment to long-term financial planning among the leaders in all branches of county government.
"Oakland County continues to demonstrate that we can make investments in our communities, improve people's lives and manage our finances responsibly," Board of Commissioners Chairman David T. Woodward said. "This positive rating affirms we are on the right track."
