Emerging Sectors bolsters Oakland County’s AAA bond rating

Wall Street cited Oakland County’s Emerging Sectors initiative as among the reasons it reaffirms Oakland County’s AAA bond rating on $3 million Bloomfield Township CSO Drainage District Bonds and $1.2 million Highland Township Well Water Supply System Bonds.

“We believe that Oakland County will continue its role as an economic and residential base near the Detroit MSA,” said Moody’s Investor’s Service. “The county continues to be proactive in its effort to diversify its tax base through its Emerging Sectors initiative.”

Oakland County Executive L. Brooks Patterson said Emerging Sectors is one of several strategies his administration has implemented to ensure the growth of high-paying jobs for decades to come.

“When you add up the success stories from Emerging Sectors with Medical Main Street, Automation Alley, and the Economic Growth Alliance, among others, you will see Oakland County’s job retention strategies have created billions of dollars in economic impact and tens of thousands of jobs,” Patterson said.

Wall Street also extolled Oakland County’s prudent fiscal management and multi-year budgeting practices.

“We believe the ‘AAA’ rating is justified because of the county’s strong financial management, multiyear planning capabilities, record in addressing budget gaps, and strong reserves,” said Standard & Poor’s Ratings Services.