County’s Bonds Upgraded by Top Agency
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Orange County’s pension bonds on Monday were upgraded by a top Wall Street rating agency from the former “double B” to “A minus.”
Standard & Poor’s said the rating is based on the county’s “strong financial performance” since it emerged from bankruptcy in 1996.
“We’re very excited about the upgrade from Standard & Poor’s,” said Charles V. Smith, chairman of the county Board of Supervisors. “I think that our post-bankruptcy work to enact cost efficiencies, do better financial planning and reduce debt have been reflected in this upgrade. It also marks a return to a positive professional relationship with S & P.”
The agency highlighted the county’s “strategic objective” of debt reduction by paying off $290 million, which freed $25 million to $30 million for the general fund, as well as its ability to provide $20 million in reserve, up from $16 million 1999.
The upgrade is the second in five months. In September, Moody’s Investors Service boosted the county’s once-dismal credit rating to its highest level since the 1994 bankruptcy.
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