COUNTY OF MACOMB

NEWS RELEASE                                                 

 

 

 

Text Box: FOR IMMEDIATE RELEASE David Diegel April 22, 2004 Director of Finance Macomb County 586/469-5250 MACOMB COUNTY AWARDED HIGHEST CREDIT RATING Standard & Poor’s has announced that it has upgraded Macomb County’s credit rating to the highest possible level of AAA in conjunction with the County’s issuance of $10 million in Transportation Fund bonds. The rating upgrade was the result of a recent visit to the bond rating agencies on Wall Street which was led by Macomb County Board Chair Nancy White. Also joining the County delegation was County Treasurer Ted Wahby, County Budget Chair Diana J. Kolakowski and County Finance Director David Diegel. Moody’s Investors Service had previously awarded Macomb County its highest rating of Aaa in 2002 and has affirmed that rating for the $10 million issue. In awarding the AAA rating, Standard & Poor’s noted Macomb County’s “deep economic base, continued strong economic growth and diversification of the employment base as well as its strong management performance and strong financial performance resulting in high reserve levels and moderate debt”. Macomb County now ranks among only 35 counties out of 3,066 in the nation that enjoy the highest possible credit rating from both Standard & Poor’s and Moody’s. According to Standard & Poor’s, a County rated AAA typically has “a deep, diverse and growing economy, strong financial management, and a low debt burden” in addition to “demonstrating an ability to weather all economic cycles by maintaining tight budgetary controls, maintaining sufficient reserves and planning for future contingencies.” MORE
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


BOARD OF COMMISSIONERS

Nancy M. White

Chair

 

Danny Sypniewski – District 1

Marvin E. Sauger – District 2

Phillip A. DiMaria – District 3

Mike Walsh – District 4

Susan L. Doherty – District 5

Peter J. Lund

Vice-Chair

 

Joan Flynn – District 6

Sue Rocca – District 7

Diana J. Kolakowski – District 8

Robert Mijac – District 9

Philis DeSaele – District 10

Joan Flynn

Sergeant-At-Arms

 

Ed Szczepanski – District 11

Peter J. Lund – District 12

Don Brown – District 13

Kurt S. Kramer – District 14

Keith Rengert – District 15

 

 

 

William J. Revoir – District 16

Bobby L. Hill – District 17

Michael C. Sessa – District 18

James M. Perna – District 19

Nancy M. White – District 20

 

 

 

Leonard Haggerty – District 21

Betty Slinde – District 22

Roland R. Fraschetti – District 23

Peggy A. Kennard – District 24

Kathy D. Vosburg – District 25

Nicholyn A. Brandenburg – District 26

 

Macomb Awarded Highest Credit Rating

April 22, 2004

Page 2

 

 

This recent Macomb County upgrade is particularly gratifying given the lagging national economy.  Macomb County is the only County in the nation to be upgraded to AAA status by Standard & Poor’s in the last 22 months. 

Macomb County’s AAA status will allow it to borrow needed funds at the absolute lowest possible rates.  In addition, Macomb County cities, townships and school districts can take advantage of the County’s top credit rating by asking the County to act as guarantor on future borrowings thus allowing them to borrow at lower interest rates.

The awarding of the AAA rating to the County will reinforce the fact that Macomb County continues to be an excellent place to do business which will in turn spur new growth and continued expansion of the tax base.

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