Oakland County has retained its AAA bond rating with a stable outlook for two decades running from both Standard & Poor’s (S&P) and Moody’s Investors Service on the county’s series 2018 Evergreen-Farmington sewage disposal system refunding bonds and series 2018 Bloomfield Township CSO Drainage District drain refunding bonds.
S&P cited Oakland County’s “broad and diverse” economy for the AAA bond rating. Moody’s said their rating “reflects the county's very healthy financial position, moderate debt and pension burden, and low fixed costs.”
“Oakland County has maintained a AAA bond rating since 1998,” Oakland County Executive L. Brooks Patterson said. “Here we are 20 years later and our strong budget practices as well as pursuit of 21st Century jobs are key factors in maintaining that highest credit rating.”
Proceeds from the sewage disposal system refunding bonds will refund existing series 2010 bonds and proceeds from the drain refunding bonds will refund existing series 2010 bonds, both for interest cost savings.
“The AAA bond rating allows Oakland County to save money on infrastructure projects that help maintain our robust local economy,” said County Treasurer Andy Meisner. “It helps us get a better return on behalf of our taxpayers and is an important part of Oakland County’s prosperity and stability.”
Water Resources Commissioner Jim Nash agreed.
“The AAA bond rating helps us keep our costs at a minimum for our rate payers while sustaining quality infrastructure,” Nash said.
––––––––––––––––––––
Subscribe to the Legal News!
http://legalnews.com/Home/Subscription
Full access to public notices, articles, columns, archives, statistics, calendar and more
Day Pass Only $4.95!
One-County $80/year
Three-County & Full Pass also available
