According to a recent press release, Standard & Poor’s (S&P) has reaffirmed Oakland County, Mich.’s AAA bond rating with a stable outlook, County Executive L. Brooks Patterson announced. This highest credit rating applies to the county’s $3.1 million Building Authority Refunding Bonds, Series 2014.
S&P said Oakland County has a “strong economy, which is a major part of the diverse economy of southeastern Michigan and the Detroit metropolitan area” and “very strong management with financial policies and practices that we consider strong.”
“S&P confirmed once again today that Oakland County continues to be a leader in Michigan and the nation,” Patterson said. “Our embrace of the knowledge-based economy along with our multi-year budgeting and fiscal practices has S&P’s stamp of approval.”
Proceeds of the bonds will be used to refund outstanding Building Authority Bonds Series 2007 for anticipated interest cost savings. The bonds are payable from rental payments made to the authority by Oakland County pursuant to an existing lease agreement. The properties are subleased to the Oakland County Community Mental Health Authority which realizes all benefits from the bond refunding savings.
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