Fitch Upgrades Orange County Credit Rating For Second Time This Year 

FOR IMMEDIATE RELEASE May 23, 2000		Contact: Tom Beckett (714) 834-5969
Fitch Upgrades Orange County Credit Rating For Second Time This Year
(Santa Ana) – Today Fitch IBCA announced an upgrade of the County’s 1996 Recovery Certificates of Participation (COPs) from A+ to AA-. Only three months ago, Fitch increased the ratings on the COPs to A+ from BBB. Fitch gave credit to the County’s good management practices, the Five-Year Strategic Financial Plan, a willingness to control its financial obligations and the county’s low social services burden for the upgrade. In February, Fitch acknowledged the establishment of a County executive officer, a debt review committee and investment oversight groups in their decision to upgrade. "We appreciate the confidence that Fitch has shown in us," said CEO Jan Mittermeier. "We have had many successes in bringing the County to this point, but we also have much to do in our effort to re-shape County government for greater effectiveness and efficiency."