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S&P Affirms Oakland County's AAA Bond Rating

Public Date: 5/15/2014 12:00 AM
Contact: Bill Mullan, Oakland County Media and Communications Officer
Phone Number: 248-858-1048

 

Pontiac, Michigan -- Standard & Poor’s has awarded its highest credit ratings to Oakland County’s short-term and long-term bonds, Oakland County Executive L. Brooks Patterson and Treasurer Andy Meisner announced today.

S&P 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.

S&P cited Oakland County’s fiscal strength and diverse economy in awarding the county its highest ratings.

Oakland County taxpayers benefit from the county retaining S&P’s highest bond rating, Patterson said.

"A bond rating is like a credit score,” Patterson said. “When we issue bonds, we get the best interest rates available. That saves taxpayers millions of dollars.”

Meisner agreed.

“Oakland County keeping the highest possible bond rating from S & P is great news for our taxpayers,” said 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.”

Oakland County has retained a AAA bond rating since 1998.

For media inquiries only, please contact Bill Mullan, Oakland County media and communications officer, at 248-858-1048.