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Oakland County Retains AAA Bond Rating as United States Faces Possible Downgrade

Public Date: 7/29/2011 12:00 AM
Contact: Bill Mullan, Media and Communications Officer
Phone Number: 248-858-1048

Pontiac, Michigan -- Standard & Poors (S&P) has reaffirmed Oakland County's AAA bond rating on $15,260,000 and $15,050,000 Oakland County Building Authority Refunding Bonds. The estimated net combined savings for taxpayers is nearly $3.3 million.

The news reaffirming Oakland County's AAA bond rating comes a day after Moody's Investors Service announced 162 local governments nationwide would have their AAA ratings reviewed for a possible downgrade.

"These actions relate to Moody's July 13 decision to place the AAA government bond rating of the United States under review for downgrade, and reflect the rating agency's assessment that some AAA public finance ratings would likely be indirectly affected by potential credit deterioration of the sovereign," Moody's said Thursday in a press release.

But Moody's gave Oakland County a vote of confidence saying its AAA rating was not among those under review for downgrade.

"For Oakland County to maintain a AAA bond rating in the midst of the nation's debt ceiling debate shows Wall Street has confidence in the county's three-year budget, prudent fiscal management and economic development programs," said Oakland County Executive L. Brooks Patterson.

The $15,260,000 Oakland County Building Authority Refunding Bonds, Series 2011 refunds Series 2001 and the $15,050,000 Oakland County Building Authority Refunding Bonds, Series 2011 refunds Series 2004A.

For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at (248) 858-1048.