Oakland County gets Moody's highest rating

AAA bond rating reaffirmed

Published On: May 07 2013 01:48:47 PM EDT
PONTIAC, Mich. -

Moody's Investor Service has honored Oakland County for fiscal excellence by reaffirming its AAA bond rating.

It has also assigned its highest rating of MIG 1 to the county's $25 million General Obligation Limited Tax Notes, Series 2013, which are short-term notes.

Moody's cited Medical Main Street and the county's strong economic base as among the reasons for the high ratings.

"Despite the continued presence of automotive companies, the county's employment base also includes a number of large health care institutions," Moody's said. "Income levels remain above those of the nation, with median family income equivalent to 135 percent of the national figure."

Oakland County Executive L. Brooks Patterson said Moody's validates Oakland County is headed in the right direction with initiatives to attract jobs in the knowledge-based economy.

The county says they are currently $4.3 billion below its authorized debt limit.