West Bloomfield’s Credit Rating Raises to “AAA,” The Highest Possible
(West Bloomfield Township, May 7, 2023)
West Bloomfield, MI – The Board of the Charter Township of West Bloomfield is pleased to report that S&P Global Ratings has upgraded the Township’s credit rating from “AA+” to “AAA”, which is the highest rating possible.
S&P cited consistently strong financial operations guided by effective management, sustained improvement in the Township’s debt and long-term liability positions over the last several years, and an affluent, sizeable tax base as reasons for the rating upgrade.
The improved credit rating was assigned as the Township prepared for the sale of capital improvement bonds. The Township is now one of only 5 Michigan townships with a “AAA” rating, There are only 17 local governments (i.e. counties, cities, townships, etc.) in Michigan that hold the prestigious “AAA” rating.
Funds raised by the sale of bonds will be used for the modernization of the Township police department facility, as part of the Township’s ongoing capital improvement plan.
Township Treasurer, Teri Weingarden, and Township Clerk, Debbie Binder, were part of the team participating in the ratings call and receipt of bids call: “We were thrilled to receive 10 bids on our proposed bond offer. The robust response and the favorable interest rate are confirmation of the positive impact of the upgraded AAA bond rating. This is a true point of pride and tremendous achievement for West Bloomfield Township and saves the taxpayers significant costs. This level of accomplishment is the culmination of prudent planning and fiscal responsibility by the West Bloomfield Township Board,” they said.
Supervisor, Steve Kaplan, applauded the accomplishment. “The township is honored to have achieved this milestone bond rating,” Kaplan said. The capital improvement bonds are expected to close on May 16, 2023. According to the Township’s financial advisor, PFM Financial Advisors, the rating upgrade will have a positive effect on the cost of borrowing for the Township.
Learn more about West Bloomfield Township at https://wbtownship.org/