Bloomfield Township Receives Top Bond Ratings
Bloomfield Township received the highest bond ratings of
any township in the State of Michigan this week. Moodys rated
the Township "Aa1" and Standard & Poor’s rated it "AA+" after
presentations made in Chicago by Township Supervisor Dave
Payne and Township Treasurer Dan Devine. Rationale for the
ratings noted that the Township has sound financial operations
with substantial reserve levels, a track record of good voter
support and low overall debt burden.
Bloomfield Township Supervisor Dave Payne said, "The
ratings confirm that the Township exercises good financial
management practices and makes prudent investments. Not only
is it a rare distinction for the Township to be rated so high,
this rating assignment will keep the interest rates and other
associated costs for the bond as low as possible."
Bloomfield Township Treasurer Dan Devine added, "Both
Standard & Poor’s and Moodys gave us the high ratings based on
their confidence in our management and our fiscal plan for the
future. Of the 1,242 townships in the State of Michigan,
Bloomfield is the only one to be rated at this level."
While the bond proceeds will finance the expansion and
improvements voters approved for the Bloomfield Township
Public Library, the ratings are based on the financial
indicators of the Township itself. Standard & Poor’s report
noted, "The stable outlook reflects the expectation that the
township will maintain solid reserves and manageable capital
needs."
Paul Stauder of Stauder and Barch, financial advisors for
Bloomfield Township and Bloomfield Township Public Library,
said, "The bonding agencies were very complimentary of the
Township’s financial planning and management practices. The
Supervisor and Treasurer presented a strong case, resulting in
an outstanding credit rating for the Township."
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Charter Township of Bloomfield
4200 Telegraph Road
P.O. Box 489
Bloomfield Hills, MI 48303-0489
248.433.7700
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