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County of Essex <br />Finance Department <br />Administrative Report <br />To: Chairman David Tremblay <br />and Members of the Executive Committee <br />From Brian. J. Gregg <br />Treasurer <br />Subject: 1996 County of Essex Credit Rating Report <br />Canadian Bond Rating Service <br />Pub <br />To report the results of the 1996 County of Essex credit rating review conducted by the <br />Canadian Bond Rating Service (CBRS). <br />Backirround <br />To facilitate the successful and cost effective marketing of County of Essex debentures, <br />CBRS was engaged to conduct an independent evaluation of the credit quality of County of <br />Essex debt. <br />On December 6, 1996, a representative of CBRS visited Essex County. The purpose of the <br />visit was to obtain first -hand information regarding the political, administrative and <br />financial stewardship of the County, to inspect several of its physical assets, to observe <br />residential and industrial development activity, to conduct informal discussions regarding <br />the strengths and weaknesses of the local economy, to examine the relative strength of <br />local municipalities, and to solicit political and administrative opinions regarding future <br />challenges and opportunities, particularly regarding'ongoing restructuring initiatives. <br />Rating Opinion <br />The initial evaluation of County of Essex credit quality was conducted by CBRS in 1992. <br />Following this visit, the County received an A- rating with a Positive outlook. <br />The A- rating with a Positive outlook was reaffirmed following a 1993 visit. <br />Subsequent to a 1995 review, the County's credit rating was upgraded to an A from an A -, <br />with a continuation of the Positive rating outlook. <br />As a result of the 1996 review the rating assigned to the County was again reaffirmed as A <br />with a Positive outlook. <br />