Standard & Poor’s has awarded its highest credit ratings to Oakland County’s short-term and long-term bonds, Oakland County Executive L. Brooks Patterson and Treasurer Andy Meisner announced last Thursday.
S&P cited Oakland County’s fiscal strength and diverse economy in awarding the county its highest ratings.
Oakland County taxpayers benefit from the county retaining S&P’s highest bond rating, Patterson said.
“A bond rating is like a credit score,” Patterson said. “When we issue bonds, we get the best interest rates available. That saves taxpayers millions of dollars.”
Meisner agreed.
“Oakland County keeping the highest possible bond rating from S & P is great news for our taxpayers,” said Meisner. “During our conversation with S & P to defend our AAA rating, I thought Budget Director Laurie Van Pelt and new Fiscal Services Chief Lynn Sonkiss did an especially good job of answering questions and conveying Oakland County’s commitment to fiscal responsibility. We’re excited at the Treasurer’s Office to be part of such a great financial team.”
Oakland County has retained a AAA bond rating since 1998.
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