FOR IMMEDIATE RELEASE
January 26, 2000
Contact:Dani Porter
(714) 566-3079
E-Mail: dlporter@ocpl.org
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.
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