Executive Diana Announce Orange County’s Affirmed AAA Bond RatingJun 14th, 2012 | By HV Insider | Category: Lead Article
DIANA ANNOUNCES ORANGE COUNTY’S AFFIRMED Aaa BOND RATING BY MOODY’S INVESTORS SERVICE FOR THIRD CONSECUTIVE YEAR
Credit Rating Company warns County that delay of nursing home sale ‘could make the rating go down’
Orange County Executive Edward A. Diana announced that the County has been affirmed a rating of Aaa for 2012 by Moody’s Investors Service on Orange County’s Various Purposes Serial Bonds. This is the third consecutive year the County has been assigned this standing, obligations rated to be of the highest quality, subject to the lowest level of credit risk.
“We’re gratified to be recognized once again by Moody’s as a fiscally stable County, proving our economic policies have worked,” said County Executive Diana. “Tough decisions had to be made on behalf of Orange County residents in order to keep our County’s finances solvent.”
Moody’s 2012 assignment rating indicated that future downgrades were a possibility if there was a deterioration of liquidity and financial reserves, the inability to absorb unanticipated costs related to possible delays with the sale of Valley View, or a deterioration of the tax base resulting in negative operational impact.
Orange County’s Finance Commissioner Joel Kleiman said, “The economic condition of Orange County continues to be very strong thanks to the conservative fiscal practices put in place by the County Executive’s administration, but the credit rating service is letting us know they have concerns that could jeopardize our fiscal health.”
Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody’s contributes to transparent and integrated financial markets. The firm’s ratings and analysis track debt covering more than 110 countries, 11,000 corporate issuers, 22,000 public finance issuers, and 94,000 structured finance obligations.