PONTIAC, Mich., October 8, 2009 – Oakland County Executive L. Brooks Patterson announces that Wall Street has reaffirmed the county’s coveted AAA Bond Rating on $12.88 million in debt for the construction of the new 52-3 District Court building.
Moody’s cites the county’s strong balance sheet and recent three-year line item budget as among its reasons to continue the AAA Bond Rating. “Moody’s believes the county’s financial position will remain strong, given current General Fund reserves supported by alternate liquidity and prudent financial management. The county has identified specific ways to close the projected budget gaps through 2012,” Moody’s says.
The AAA Bond Rating is difficult to retain in the current economy. Only about two dozen of the nation’s 3,000 counties have the AAA rating from multiple rating agencies. Oakland County has maintained its AAA Bond Rating since 1998 with sound fiscal practices. “The county will continue to adhere to its historically strong budget and management practices which have resulted in ample financial flexibility that positions the county well to manage current economic challenges,” Moody’s says.
Oakland County Executive L. Brooks Patterson says he is proud of the efforts of the county’s finance team. “The finance team for Oakland County is impressive. Their good work allows us to continue to garner a AAA rating in the toughest economic times,” Patterson says.
The AAA Bond Rating allows Oakland County to finance and refinance its debts at the lowest financial market terms possible. Oakland County taxpayers can expect to save more than $400,000 alone from the AAA Bond Rating on the $12.88 million debt for the 52-3 District Court building.
For media inquiries only, please contact Bill Mullan, Media and Communications Officer at (248) 858-1048.