Oakland County is capable of outperforming the United States under fiscal stress, said Standard & Poor’s when it assigned a AAA bond rating with a stable outlook to Oakland County.
S&P gave its highest credit rating to the George W. Kuhn Drainage District series 2016 drain refunding bonds and on existing general obligation and limited-tax general obligation debt issued by and on behalf of the county.
Moody’s Investors Service also reaffirmed Oakland County’s Aaa bond rating Wednesday.
“Oakland County’s GO (general obligation) debt is eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S. in a stress scenario,” S&P said.
Oakland County Executive L. Brooks Patterson said the county’s long-range forecasting and multi-year budgeting has set the standard for county governments in America.
“There is no higher measure of Oakland County’s performance than to be compared to the U.S. and come out on top,” Patterson said. “We are reaping the rewards of our ‘thoughtful
management versus crisis management’ approach to county government.”
Oakland County Treasurer Andy Meisner agreed.
“Through thick and thin, Oakland County keeps our AAA bond rating thanks to smart budgeting and financial management,” Meisner said. “Today, we announce that both S&P and Moody’s affirmed our AAA again, which is great news for our taxpayers.”
S&P said the AAA bond rating is supported by Oakland County’s “strong economy…; very strong management, with ‘strong’ financial policies and practices under our financial management assessment (FMA) methodology…; very strong budgetary flexibility, with a high available fund balance…;” and more.
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