By Scott Pohl, WKAR
http://stream.publicbroadcasting.net/production/mp3/wkar/local-wkar-891843.mp3
MASON, MI –
Ingham County's credit rating has been raised by Standard and Poor's Rating Services.
AUDIO:
Ingham County treasurer Eric Schertzing says Standard and Poor's has bumped up the county's rating from "AA" to "AA+." He says the county will save a substantial amount of money in the bond market as a result.
"If we think about typical 20-year borrowing, which the county does from time to time, this will save us, over the life of that 20-year bond, about $10,000 per million," he explains.
Schertzing says the home mortgage crisis has led the rating agencies to favor governmental entities over the private market place.
He doesn't think improved rating comes in time to help this year's budget, which has required millions of dollars in cuts like the closing of a unit at the Ingham County jail.