Moody’s Service Issues County Credit Rating

A second credit rating firm has given Ventura County the highest mark possible, a score that could potentially save taxpayers millions of dollars.

The MIG 1 grade issued by New York-based Moody’s Investors Service means the county can continue to borrow money for its short-term investments at low interest rates.

Last week, the county’s other New York credit rating firm, Standard & Poor’s Corp., issued a similar favorable report.

Officials had been concerned that the county’s disastrous attempt last year to merge mental health and social service departments would result in a lowered rating. The failed superagency sparked five state and federal audits into the county’s mental health system.

Controller Thomas O. Mahon was one of several officials who traveled to New York last month to tell agents that the county was financially sound, despite the audits that could result in the loss of millions of dollars in federal and state funding.

“It’s fairly standard in government to have something come up,” Mahon said. “At least right now there are no floods or fires.”