Oakland County Retains AAA/Aaa bond ratings on sewage improvement project in Pontiac

Oakland County is earning all As on its bond ratings. Moody’s Ratings (Moody’s) and S&P Global Ratings (S&P) have assigned Aaa and AAA bond ratings, respectively, with a stable outlook to the county for its $5 million Sewage Disposal System Capital Improvement Bonds, Series 2024.

“A triple-A bond rating - it doesn’t get better than that,” said Oakland County Executive Dave Coulter. “It means we are spending tax dollars wisely, but the real importance is the financial foundation it gives us to lean into programs and services that improve the lives of our residents.”

From this bond sale, the Oakland County Water Resources Commissioner (WRC) will fund a $5 million project to improve the sewage disposal system in Pontiac. The improvements are necessary to promote the health and welfare of Pontiac residents served by the sewage disposal system. Updates include structural rehabilitation and reconstruction of sanitary sewer mains, manholes, and related structures, installation of structural pipelining for approximately 46,000 lineal feet of sanitary sewer mains and approximately 2,700 vertical feet of manhole pipes, pre-liner chemical grouting, and bypass sewer facilities.

“My staff and I are proud of the work we perform on a daily basis on important projects like this,” said Water Resources Commissioner Jim Nash. “These bond ratings are a reflection of our dedication to the people of Oakland County in providing essential services while protecting our most precious natural resources.”

The county has enjoyed the benefits of these triple-A bond ratings - which include the ability to borrow money for infrastructure improvements at the lowest available interest rates - since 1998.

“Achieving and sustaining Moody's and S&P’s highest rating reflects Oakland County’s strong financial performance and liquidity, the effectiveness of our fiscally responsible and socially conscious investment and cash management strategies, and commitment to long-term financial sustainability,” said Oakland County Treasurer Robert Wittenberg. “The rating lowers the cost of borrowing for the county, helping to save taxpayer dollars and continue providing exceptional services and maintaining a high quality of life for residents and business owners.”

Moody’s said in its press release that county administration “maintains strong policies and practices that sustain its robust fund balance and liquidity.” S&P said that Oakland County management is “very strong with strong financial policies and practices.”

"Maintaining our AAA bond rating affirms our county’s overall fiscal strength, budget discipline and effective Board oversight," Oakland County Board of Commissioners Chair David T. Woodward said. "All together, we’re able to make essential infrastructure investments at the lowest interest rates, saving taxpayers millions."

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