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Press Release
January 18, 2007

Contact: Tom Beckett

Rating Agency Upgrades Orange County Credit Rating

(Santa Ana, CA) Standard & Poor’s released a report recently which announced that the County’s long term credit rating was being upgraded from A+ to AA-. The primary reasons give for the upgrade are the County’s strong reserves, reduced liability for the Retiree Medical Grant and the paying down of debt over the past several years.

This move brings Standard & Poor’s closer to alignment with other rating agencies. The last upgrade from Standard & Poor’s occurred in April 2002. The County’s long term rating from Moody’s is Aa2 and from Fitch the equivalent of AA (Fitch does not assign Issuer ratings).

“We appreciate the confidence that Standard & Poor’s has shown in us,” said Board Chairman Chris Norby. “Thanks to prudent financial planning and sound fiscal operations, this upgrade will contribute to the future financial well being of Orange County.”