FOR IMMEDIATE RELEASE
May 23, 2000
Contact: Tom Beckett
Fitch Upgrades Orange
County Credit Rating For Second Time This Year
Today Fitch IBCA announced an upgrade of the Countys
1996 Recovery Certificates of Participation (COPs) from
A+ to AA-. Only three months ago, Fitch increased the
ratings on the COPs to A+ from BBB.
Fitch gave credit to the Countys good management
practices, the Five-Year Strategic Financial Plan, a willingness
to control its financial obligations and the countys
low social services burden for the upgrade.
In February, Fitch acknowledged the establishment of a
County executive officer, a debt review committee and
investment oversight groups in their decision to upgrade.
"We appreciate the confidence that Fitch has shown
in us," said CEO Jan Mittermeier. "We have had
many successes in bringing the County to this point, but
we also have much to do in our effort to re-shape County
government for greater effectiveness and efficiency."