Oakland County once again has earned the highest credit rating available on short term notes, County Executive L. Brooks Patterson and Treasurer Andy Meisner announced.
Moody’s Investors Service has assigned a MIG 1 rating to the county’s $25 million General Obligation Limited Tax (GOLT) Notes, Series 2016. Standard & Poor’s (S&P) assigned its SP-1+ rating to the GOLT notes as well.
“My staff just presented the county’s five-year budget outlook to the Board of Commissioners Finance Committee,” Patterson said. “It’s that long-term outlook that enables us to be responsible stewards of the taxpayers’ money and continue to earn the highest credit ratings available.”
“Oakland County’s AAA bond rating saves taxpayers real money and is an example of our absolute commitment to fiscal responsibility,” said Oakland County Treasurer Andy Meisner.
Both bond ratings agencies cited Oakland County’s strong budgetary practices as among the reasons for awarding it their highest credit ratings.
“The MIG 1 reflects… a history of solid financial operations and fiscal management,” Moody’s said.
“The ‘SP-1+’ rating reflects our view of the county’s… very strong general creditworthiness, as the ‘AAA’ GO rating on the county demonstrates,” S&P said.
The county will use the proceeds from the GOLT notes to purchase delinquent taxes from local cities, villages and townships in order to help them with their cash flow.
To view Oakland County’s five-year budget outlook, go to http://ow.ly/AklL3009cr3.