S&P Upgrades County Bond Rating
Washtenaw County has received an upgraded bond rating from Standard & Poor’s – from AA+ to AAA, the highest debt rating from that agency. Only two other counties in Michigan – Oakland and Kent – have a triple-A rating. County administrator Verna McDaniel announced the news on May 22. [.pdf of press release] In general, higher ratings allow organizations to secure better terms for borrowing funds.
In an email to the media sent a few minutes after the press release was issued, commissioner Conan Smith (D-District 9) questioned the value of the upgraded rating:
This is a solid testament to the county’s investments in its institutional security, but I think the real story is at what cost this incremental improvement came. … [Full Story]