Pontiac, Michigan -- Moody's Investors Service has awarded its highest credit ratings to Oakland County’s short-term and long-term bonds, Oakland County Executive L. Brooks Patterson announced today.
Moody’s assigned a MIG 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. With the MIG 1 rating, Moody's has affirmed the Aaa rating on the county's outstanding long-term GOLT bonds.
Moody’s cited Oakland County’s fiscal excellence as the reason for awarding the county its highest ratings.
“The MIG 1 rating reflects… maintenance of healthy cash reserves, a history of solid financial operations and management that support expected note repayment, and anticipated early segregation of property tax collections for note repayment,” Moody’s said.“The Aaa long-term GOLT rating incorporates the county's large and diverse tax base…, very healthy financial position and expected continuance of strong fiscal management, low direct debt burden, and modest exposure to unfunded defined benefit pension liabilities."
Patterson said the rating is great news for Oakland County residents.
“The MIG 1 and Aaa ratings mean that taxpayers save millions of dollars when the county issues bonds because we will pay the lowest interest rates available on the market,” Patterson said.
Oakland County has retained a Aaa bond rating since 1998, including through the challenges of the Great Recession.
For media inquiries only, please contact Bill Mullan, Oakland County media and communications officer, at 248-858-1048.