County's AAA bond rating affirmed

Oakland County Treasurer Andy Meisner announced Tuesday that Oakland County has maintained its AAA bond rating with the Standard & Poor's ratings agency. Oakland County requested a review of its bond rating for a $50 million borrowing through the County Treasurer's Office to help local governments meet their cash management needs in the face of high property tax delinquencies. "Standard & Poor's affirming Oakland County's AAA bond rating will save our taxpayers, the county and local governments millions of dollars," said Meisner. "We have shown what great things we can do when we work together for the benefit of Oakland County." Oakland County's AAA bond rating comes from years of prudent fiscal management and governance, with a focus on a 3-year rolling budgeting strategy, maintenance of equity in the Delinquent Tax Revolving Fund, and many successes in attracting new jobs and industries to Oakland County. Oakland County's fiscal practices are among the best in the nation, justifying continuation of the AAA bond rating despite high foreclosures, unemployment and dropping property values. "The Oakland County taxpayers are the real winners here," said Meisner. Moody's is expected to announce its findings regarding the top bond rating in the coming days. The official rating for the $50 million in delinquent tax notes is "SP-1+" from Standard and Poor's. In addition to the delinquent tax notes, Oakland County regularly bonds for sewer infrastructure as well as some local projects where local governments can piggyback on the County's superior bond rating. Published: Thu, Apr 7, 2011

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