In the aftermath of the Detroit bankruptcy filing other Michigan jurisdictions have been braced for a possible downgrading. Standard & Poor’s has reaffirmed Oakland County’s AAA bond rating with a stable outlook in the face of challenges posed by Detroit’s Chapter 9 bankruptcy filing, County Executive L. Brooks Patterson revealed in a press release posted yesterday by Troy. Mich., based Automation Alley.
“One of the bond ratings analysts from S&P told me that if they could award ‘AAA Platinum’ to Oakland County, they certainly would,” Patterson stated. “They affirmed that Oakland County is the best-managed county in America.”
Patterson and members of his budget team held their annual bond rating meetings with S&P Aug. 14 at the Executive Office Building in Waterford. S&P cited Oakland County’s fiscal strength and sound budgeting practices as reasons to invest in its bonds.
In particular, Oakland County has been very effective in handling the drop in property values during Michigan's long recession. While other counties and entities have struggled with a lower tax base and slow tax collections, Oakland County's financial practices have protected them from fiscal turmoil.
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