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Moody's Renews Oakland County's AAA Bond Rating

Public Date: 8/1/2011 12:00 AM
Contact: Bill Mullan, Media and Communications Officer
Phone Number: 248-858-1048

Pontiac, Michigan  --  Moody’s Investors Service has reaffirmed Oakland County’s AAA bond rating for the $15,260,000 and $15,050,000 Oakland County Building Authority Refunding Bonds which Standard and Poors rated AAA last Friday. The estimated net combined savings for taxpayers is nearly $3.3 million.

“Moody’s most recent AAA rating acknowledges our excellence in budgeting and fiscal management,” said Oakland County Executive L. Brooks Patterson. “Compare that to the United States. In spite of the debt ceiling deal, Moody’s may give a negative outlook to the nation’s AAA because the Obama administration has failed to substantively address long term spending and borrowing,” said 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.