Pontiac, Michigan -- Moody's Investors Service has reaffirmed Oakland County's AAA bond rating on $11.9 million Building Authority Refunding Bonds, Series 2012 issued through the Oakland County Building Authority; and to $6.8 million Water Supply System Bonds, Series 2012 issued on behalf of Farmington Hills.
Moody's awarded the AAA bond rating to the county because of its large and diverse tax base, institutional presence, multi-year budgeting under the leadership of Oakland County Executive L. Brooks Patterson, and ample financial flexibility resulting from strong reserve levels.
"The outlook for this credit is stable and reflects our expectation that the county will continue to adhere to its historically strong budget and management practices, which have resulted in ample General Fund reserves," said Moody's. "The county's solid financial position is expected to enable it to manage through ongoing, though moderated, economic challenges."
Patterson said Oakland County's balanced three-year, line-item budget continues to pay dividends for county taxpayers.
"Because of Oakland County's leadership in managing taxpayers' money wisely, we've been able to maintain a AAA bond rating over the years," he said. "In turn, taxpayers have saved millions of dollars through lower interest rates on capital projects."
Moody's also reaffirmed the AAA rating on the 2007 Oakland County Retiree Medical Benefits Funding Trust's Taxable Certificates of Participation, Series 2007, which are secured by Oakland County's unconditional contractual obligation to pay debt service and are not subject to annual appropriation.
The competitive bids for the purchase of the county's AAA bonds will be received on July 18, 2012.
For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at (248) 858-1048.