Township gets AAA rating as Kepes leaves office
By Lisa Brody
Once again, S&P Global ratings has bestowed its highest rating of a AAA bond rating on Bloomfield Township with a summary that noted its very strong management, and an outlook of “stable,” as township treasurer Brian Kepes turns over the office on August 31.
In its review and determination of reaffirming a AAA bond rating for Bloomfield Township, S&P Global Ratings stated, “Enduring credit strengths that substantiate Bloomfield Charter’s stability at the ‘AAA’ rating include its extremely strong economic base, consistent operating performance that supports its robust reserve and liquidity positions, and its strong management practices.”
S&P Global Market is a world-leading provider of financial information services and the world's foremost provider of credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity and automotive markets. A bond rating of AAA indicates an extremely strong capacity to meet financial commitments.
According to S&P Global, long-term financial and capital planning, formalized investing, debt management and reserve policies in Bloomfield Township lead to the rating.
S&P also provided an outlook of “stable.” The outlook is based not only on the township’s extremely strong economy but also the view of the management team with S&P forecasting “that the strong management team will adjust accordingly to ensure the maintenance of its very strong financial position over the next two years”.
“Maintaining our AAA rating is evidence of the township’s sound fiscal practices and allows us to obtain the best possible interest rates when selling bonds,” said finance director Jason Theis. “The savings directly benefit residents of the township.”
“I joined the township board of trustees in March of 2009, during the depth of the 'Great Recession,'” said Kepes. “In the ensuing 15 years, various administrations, boards, the employees and residents have strategically, creatively, and diligently worked to regain Bloomfield Township’s financial strength. In my years as treasurer, I have been committed to implementing responsible and conservative budget and investment practices while also reducing debt. To see S&P confirm our practices as a municipality with its highest designation is an achievement in which we should all take pride.”
Kepes announced his resignation as treasurer effective August 31 at the board of trustees meeting on July 24.
“It’s been a privilege to serve the community I love so much. I have no doubt the board will succeed in finding a replacement who will continue to endorse a strong budget and mindset who will work to keep this rating in 2024,” Kepes said.