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County of Essex <br />Finance Department <br />Administrative Report <br />To: Warden Pat O'Neil <br />and Members of Essex County Council <br />Front: Brian J. Gregg <br />Treasurer <br />Subject: County of Essex Credit Rating Report - January 1998 <br />Canadian Bond Rating Service <br />Purpose <br />To report the results of the County of Essex credit rating review conducted by the Canadian <br />Bond Rating Service (CBRS) November 24, 1997 and reported in January 1998, <br />Background <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 November 24, 1997, representatives 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, commercial and industrial development activity, to conduct informal <br />discussions regarding the strengths, weaknesses and diversity of the local economy, to <br />examine the relative strength of local municipalities, and to solicit political and <br />administrative opinions regarding future challenges and opportunities, particularly <br />regarding ongoing restructuring initiatives and impending provincial - municipal services <br />realignment, <br />Rating Opinion <br />As a result of the November 1997 review, the rating assigned to the County was <br />reaffirmed as A with a Positive outlook. <br />As described, there exist two distinct but equally important elements expressed in a credit <br />rating. <br />