Pontiac, Michigan -- Moody's Investors Service and Standard & Poor's have reaffirmed Oakland County's AAA bond rating on $19.325 million Oakland County Building Authority Bonds, Series 2012A, and $14.5 million Oakland County Building Authority Bonds, Series 2012. Both bonds are for capital improvements on the Oakland County government campus.
"The strength of our balanced three-year budget and job attraction initiatives make Oakland County more credit worthy than the United States and major European countries," said Oakland County Executive L. Brooks Patterson.
S&P downgraded the United States' credit rating to AA+ last year and more than half the countries in the European Union. Moody's downgraded the European Union’s outlook last week.
The $19.325 million Oakland County Building Authority Bonds, Series 2012A will support capital improvements throughout the county government campus as well as technology upgrades for the county. The $14.5 million Oakland County Building Authority Bonds, Series 2012 will allow the Oakland County Community Mental Health Authority to consolidate all of its services into one building, the county's former Medical Care Facility. The Board of Commissioners voted on a bi-partisan basis to approve the capital projects in order to benefit from ultra-low interest rates for long-term improvements.
The bonds will be sold Wednesday, Sept. 12.
For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at 248-858-1048.