BOS1 - Rating Agencies Award

Press Release

FOR IMMEDIATE RELEASE May 18, 2010
Contact: Kathryn Feather 714.834.3110

Rating Agencies Award Orange County Highest Short Term Financial Ratings

The public is also invited to a budget workshop on May 28, 2010, in the Board Hearing Room.

(Santa Ana) At the May 18, 2010, board meeting, Supervisor Janet Nguyen, Chair of the Orange County Board of Supervisors, announced that the County received the highest possible short- term ratings from the S&P, Moody’s and Fitch rating agencies for its 2010-2011 Tax and Revenue Anticipation Notes Series A in the approximate amount of $150 million.

Chair Nguyen traveled to San Francisco earlier this month with County financial staff to speak with each of the rating agencies. In their presentation, Chair Nguyen and staff stressed that the County remains well-positioned to manage the continued impacts of the economic slowdown and of State budget actions and that staff and the Board will continue to address the needs of County residents.

“I discussed how the Board of Supervisors will continue to adjust the budget as needed to address changes in revenue and future projections and that all County departments continue to seek out and implement opportunities for cost savings,” said Supervisor Janet Nguyen, Chair of the Orange County Board of Supervisors. “Cash reserves and General Fund budget reserves have been maintained at healthy levels, providing the County with continued flexibility for future budget issues.”

The County has consistently maintained good ratings, despite the economic uncertainty surrounding the state and federal economic forecasts. To learn more about the County budget process, the public is invited to attend the 15th Annual County of Orange Budget Workshop on Friday, May 28th at 10 a.m. Topics to be covered include a FY 2010-11 Budget Overview and Potential State Budget Impacts, John Wayne Airport Improvement Program, Energy Conservation Initiatives and the Probation Department: Global Positioning System Program and Monitoring Center. The workshop will be held at 10 a.m. in the Board Hearing Room located at:

Board Hearing Room 333 W. Santa Ana Blvd. Santa Ana, CA 92701

To view the budget workbook, visit http://bos.ocgov.com/finance/workshop_rsvp/.


Supervisor Janet Nguyen serves as Chair of the Orange County Board of Supervisors and represents the First District. She also serves as Chair of the OCTA’s Transit Committee. She represents more than 600,000 people, covering the cities of Garden Grove, Santa Ana, Westminster and the unincorporated community of Midway City. Orange County ranks sixth in the nation as the most populous county and has the nation’s seventh highest annual budget.