FOR IMMEDIATE RELEASE January 26, 2000 Contact:Dani Porter (714) 566-3079 E-Mail: email@example.com
Standard & Poor’s Raises County Bond Rating
(Santa Ana) - Standard & Poor's, a leading New York bond rating agency, today announced that it is increasing the County of Orange's bond credit rating by five notches to "A-." The County's overall rating will be "A."
S&P said that the ratings upgrade is due to the County's strong financial performance since it emerged from bankruptcy as well as its commitment to debt reduction. The upgrade covers $58 million in pension obligation bonds. S&P also raised its issuer ratings on the County to "A."
"We're very excited about the upgrade from S&P," said Chuck V. Smith, Chairman of the Board of Supervisors. "I think that our post-bankruptcy work to enact cost efficiencies, do better financial planning, and reduce debt has been reflected in this upgrade. It also marks a return to a positive, professional relationship with S&P."
The news from S&P comes just six months after bankruptcy-related litigation against them was settled. "I'm pleased that there are now no impediments in our relationship with Standard & Poor's," said Gary Burton, Chief Financial Officer for the County.
The upgrade could save the County substantial amounts in reduced insurance costs and County bonds and lower interest rates if the County chose to borrow money in the future.