Oakland County Maintaining AAA Bond Rating

 

Oakland CountyThis week, both Moody’s Investors Service and Standard & Poor’s Financial Services LLC reaffirmed Oakland County’s AAA bond rating – something that the county has retained since 1998.

The AAA bond rating is great news for residents, Oakland County Executive L. Brooks Patterson said. “With these ratings, taxpayers save millions of dollars when the county issues bonds because we will pay the lowest interest rates available on the market.”

Moody’s assigned a MIG 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. With the MIG 1 rating, Moody’s has affirmed the Aaa rating on the county’s outstanding long-term GOLT bonds.

Standard & Poors 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.

Oakland County keeping the highest possible bond rating from S & P is great news for our taxpayers,” said Oakland County Treasurer Andy Meisner. “During our conversation with S & P to defend our AAA rating, I thought Budget Director Laurie Van Pelt and new Fiscal Services Chief Lynn Sonkiss did an especially good job of answering questions and conveying Oakland County’s commitment to fiscal responsibility. We’re excited at the Treasurer’s Office to be part of such a great financial team.”

To read more about Oakland County’s accomplishments, including our retained AAA bond rating and several other thriving initiatives, visit our website HERE.

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