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County of Essex <br />Finance Department <br />Administrative Report <br />To: Chairman Davison and Members of the Executive Committee <br />From: Lee A. Recchia <br />Treasurer <br />Subject: County of Essex <br />1995 Credit Rating Report <br />Canadian Bond Rating Service (CBRS) <br />Purpose <br />To report the results of the 1995 County of Essex credit rating review conducted by the <br />Canadian Bond Rating Service. <br />Background <br />To facilitate the successful and cost effective marketing of County of Essex debentures, <br />the Canadian Bond Rating Service was engaged to conduct an independent evaluation <br />of the credit quality of County of Essex debt. <br />In 1992, representatives of the Canadian Bond Rating Service conducted an initial <br />evaluation of County of Essex credit quality in connection with the sale of debentures <br />to permanently finance the capital redevelopment of the Sun Parlor Home, and in <br />anticipation of future debenture issues to support waste management operations. <br />Following the 1992 visit, the County received an A- rating with a Positive outlook. <br />This rating was reaffirmed following a visit in the fall of 1993. <br />On April 21, 1995, CBRS once again visited. Essex County to conduct a rating review <br />Rating Opinion <br />As a result of the most recent review, the rating assigned to County of Essex debentures <br />was upgraded to an A from an A -, with a continuation of the Positive rating outlook. <br />There are two distinct but equally important elements expressed in a credit rating. <br />