County Gives Itself Credit : Finances: Officials are reassured about bond rating following meetings on Wall Street. Conservative investment policy will likely make costly insurance unnecessary.

Ventura County’s investment policies are financially sound and its A+ credit rating is likely to remain unchanged even in the wake of Orange County’s bankruptcy filing, officials said Monday.

After meeting with representatives of two Wall Street bond-rating agencies in New York last week, a group of local officials said they were reassured of the county’s strong standing in the bond market.

Unsure what to expect from creditors given the loss of confidence in some California government bonds, “we came back feeling like a winner,” said Auditor-Controller Thomas O. Mahon.

“In my opinion, we were very favorably reviewed,” said Mahon, one of six county officials who made the trip. “I think we’re going to do very well.”

Indeed, after they arrived in New York last Wednesday, county officials were notified of a report issued by Standard & Poor’s that gave the county high marks for its conservative investment policies.

More than half of Ventura County’s $775-million portfolio is invested in government securities, with the balance in the state treasurer’s pool, corporate notes, certificates of deposit and other low-risk investments.

“My arm is sore from patting myself on the back,” said Treasurer-Tax Collector Harold S. Pittman. “After years of taking criticism from people asking, ‘Why haven’t you done as good as Orange County?’ our conservatism has paid off.”

Orange County, which for years engaged in risky investment practices to gain high yields, was forced to file for bankruptcy in December after suffering trading losses of $1.69 billion in its investment pool.

Pittman said his initial concern was how Ventura County’s credit rating or short-term borrowing would be affected by the fallout from the Orange County fiscal debacle. As it does annually, Ventura County will borrow $85 million next month to carry it until it collects future tax payments.

Before traveling to New York, Pittman and other officials were worried that the county for the first time would have to provide some type of insurance or guarantee of repayment in order to calm investors’ fears. To do this, they said, would cost the county more than $100,000.

The city of Anaheim, one of the Orange County communities affected by the bankruptcy, was forced last week to purchase a $46,000 letter of credit before selling $22 million in notes. The line of credit, issued by a Swiss bank, serves as a form of insurance.

But Ventura County officials came away from their meetings with the rating agencies convinced that the county will not have to worry about costly insurance requirements.

“It’s our opinion that we do not need it,” Mahon said. Interest rates in the bond market have also begun to drop, he added, which is good news for the county as well.

“The market seems to be running in our direction,” Mahon said.

Meanwhile, representatives for Standard & Poor’s and Moody’s said Monday that the county’s bond rating is expected to be out by the end of the week.