Oakland Township Credit Rating Stable at AAA

On Friday, Standard & Poor's downgraded the United State's credit rating from AAA to AA+ Friday, causing investors to fret and stocks to plunge Monday.

Meanwhile, Oakland Township is holding onto its own credit rating, which is now a step above the nation's.

"Standard & Poors has us at AAA," Oakland Township Manager Jim Creech said Monday. "There isn’t any higher."

The township's credit rating was upgraded from AA at the last bond issuance in 2008, Creech said. The $4.1 million Parks & Recreation bond was used for land purchase and park development.

"We have very little debt to begin with, and we employ sound financial practices," Creech said.

According to Standard & Poor's' website, a AAA rating indicates "extremely strong capacity to meet financial commitments." Additionally, Standard & Poor's rates Oakland Township as stable, meaning that rating is not likely to change.