Bloomfield Township Receives AAA Bond Rating

Bloomfield Township Supervisor Dave Payne said, "The AAA bond rating is the direct result of a great team effort put forth by the Board, administration and employees. We are following our Five-Year Strategic Plan and it continues to guide us through these tough times."

Standard & Poor’s noted that the Township’s operations are healthy and stable. The upgrade also reflected Standard & Poor’s view that Bloomfield Township maintains very strong financial reserves despite the recession. The Township’s overall debt burden, measured as a percentage of market value, is moderate.

Bloomfield Township Treasurer Dan Devine said, "Our investment strategies have yielded positive outcomes, beating all the comparable benchmarks. We are recognized as being prudent and conservative, yet effective in managing our finances."

The AAA rating will likely lead to lower interest rates on an upcoming bond issue that will fund rehabilitation to the Township’s sanitary sewer system.

* Oakland, Macomb and Kent counties, the cities of Bloomfield Hills, Birmingham and Troy, and Oakland Township