OCGOV Home Living & Working Law & Justice Health & Human Care Doing Business Board of Supervisors Agency Directory Jobs Search
Orange County Government Online
Quick Jump Menus

Online Services | OC Links | OC Info | News | Contact | OC Directory | FAQs | Sitemap |   
left top scan lines curve
Left bottom scan lines

2008 Blue arrow down
2007 Blue arrow down
2006 Blue arrow down
2005 Blue arrow down
2004 Blue arrow down
2003 Blue arrow down
2002 Blue arrow down
2001 Blue arrow down
2000 Blue arrow down
1999 Blue arrow down
1998 Blue arrow down
1997 Blue arrow down
1996 Blue arrow down
1995 Blue arrow down
Press Release
County of Orange Seal COUNTY OF ORANGE

County Executive Office
Sep 10, 1999
Contact: Ellen Cox
(714) 834-5376
MOODY's Upgrades Ratings for Orange County
Santa Ana, Calif. (September 22, 1999) – Moody’s Investors Service announced today that it has significantly raised the ratings on $1.5 billion of outstanding debt of Orange County.  The County is now the second-highest rated county in California.

“I am delighted that Moody’s has recognized our sound fiscal management,” said Jan Mittermeier, County Executive Officer.  “Through the Board’s leadership, the County has been restored to excellent financial health.”

According to Moody’s, the upgrades reflect the County’s demonstrated ability to operate within the reduced operating budget that resulted from its bankruptcy, its prudent fiscal management, its commitment to debt reduction, a satisfactory fiscal position by comparison with its peers, a diversified and thriving local economy, and a groundbreaking strategic financial plan.

“These significant upgrades in the County’s credit rating indicate how far the County has come since the bankruptcy,” said Chuck Smith, Chairman of the Board of Supervisors.  “The Board and all County employees should be thrilled with the progress we’ve made,” said Smith.

“Moody’s action today signals their confidence in the fiscal health of the County,” said Tom Wilson, Vice Chairman of the Board of Supervisors.

Gary Burton, Chief Financial Officer, said today’s upgrade is “the most dramatic increase I have ever seen.”


Moody’s has assigned to the County an issuer (implied general obligation) rating of Aa3.   The stand-alone and underlying ratings on the County’s Pension Obligation Bonds have been upgraded to A1 from Baa2; the underlying rating on the County’s 1995 Refunding Recovery Bonds has been upgraded to A1 from Baa3; the underlying rating on the County’s 1996 Refunding Recovery Certificates of Participation (COPs) has been upgraded to A2 from Baa2; the ratings on two pre-funded equipment financings and two fixed asset COPs have been upgraded to A2 from Baa3; and the County’s equipment lease financing has been upgraded to A3 from Ba1.


Ken Kurtz, Moody’s Investors Service

Chuck Smith, Chairman, Board of Supervisors

Tom Wilson, Vice Chairman, Board of Supervisors

Jan Mittermeier, County Executive Officer

Gary Burton, Chief Financial Officer