09/29/08

COUNTY'S CREDIT RATING REACHES HIGHEST LEVEL POSSIBLE

SAN DIEGO – Despite confusion and financial uncertainty in Washington, D.C., Wall Street, Sacramento, and across the nation, the County of San Diego has received the highest credit rating possible by Standard & Poor’s. The ratings agency raised the County from AA+ to AAA, making San Diego the only county in the state with a AAA rating.

“The upgraded credit rating,” said Fifth District Supervisor Bill Horn, “is the result of the unwavering fiscal management our Board and County management team follows. In 1994, the County of San Diego faced bankruptcy. Tough decisions were made then and today, despite annual raids by Sacramento on local property taxes, we have our financial house in order. As for me, I’m committed to the same approach since we anticipate significant reductions in funding from the State for programs it mandates.”

According to Standard & Poor’s RatingsDirect report, “the stable outlook reflects the County’s deep and diverse economic base, strong reserve levels, formalized policies, manageable debt burden and long track record of conservative budgeting where actual results typically exceed initial projects.”

“I commend the entire County team, including my fellow Board members and County Chief Administrative Officer Walt Ekard for their tremendous work,” said Horn.

Contact: John Culea – 
619 531-4709 Cell: 619 548-1765 Fax: 619 685-2662