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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