Santa Ana, Calif. (May 1, 2025) – The County of Orange is pleased to announce that on April 24, 2025, Fitch Ratings affirmed the County’s Issuer Default Rating of AAA with a stable outlook. The rating represents the highest credit quality and lowest risk of default in the industry.
“The County has come a long way to improve its financial standing, while also creating innovative programs and improving existing services for our residents. The affirmation of the AAA rating from Fitch Ratings is a testament to the hard work of our employees and the sound judgement in financial decisions made by Orange County,” said Chair Doug Chaffee, Fourth District Supervisor.
The affirmed rating reflects the continued overall strength of the County’s local demographic and economic indicators, including unemployment rate, educational attainment, and median household income. Fitch Ratings highlights the County’s vital role and positive regional impact in the national economy as the County is home to several business headquarters which contribute to its high employed workforce. Furthermore, this rating continues to highlight the County’s strong budget resilience and low debt.
“This AAA rating reflects Orange County’s strong fiscal health and responsible financial management. While neighboring jurisdictions are seeing their ratings decline largely due to unsound financial planning, we have maintained our excellent standing and we’re not stopping here,” said Vice Chair Katrina Foley, Fifth District Supervisor. “The County continues to meet our catastrophic reserve contingency goals while fully funding our general fund reserves. We are committed to protecting taxpayer dollars, making strategic investments, and continuing to grow our local economy for years to come.”
Since 2005, the County has developed and published an annual Strategic Financial Plan (SFP) to help safeguard its ability to respond to economic changes and unanticipated events and to ensure its resources and programs are aligned with Countywide strategic priorities and values. This crucial tool fosters the County’s long-term fiscal sustainability through responsible fiscal management, strategic planning, and prudent allocation of resources to provide financial resiliency and flexibility.
“Strong fiscal management leads to affirmations from ratings agencies such as Fitch Ratings that the County continues to be on the right path,” said Supervisor Janet Nguyen, First District. “This is a testament to the hard work that our Budget team and prior Board of Supervisors have made to ensure we are better positioned when we face economic headwinds.”
To ensure financial transparency with the community, the CEO Budget & Finance Office conducts public workshops held throughout the budget development process to encourage feedback on the Strategic Financial Plan and the Recommended Budget. A public feedback form is available on the County’s website, cfo.ocgov.com, which welcomes input at any time from the community and regional stakeholders.
“The affirmation of the County’s AAA rating demonstrates our continued commitment to responsible fiscal governance, which helps us ensure we can efficiently and cost-effectively continue to deliver the essential programs and services that working families, seniors, and vulnerable residents rely on,” said Supervisor Vicente Sarmiento, Second District.
“The responsible allocation of resources, along with good checks and balances, including prudent investment policy actions by the Board recently, puts the County in a better fiscal standing now and well into the future. We must continue to keep our belts tightened and work hard to keep this rating for years to come,” said Supervisor Donald P. Wagner, Third District.
“The County team continues to work diligently on behalf of the citizens of Orange County to build a firm foundation for the future through policy improvements and intense strategic planning. The affirmation of our AAA rating from Fitch Ratings is attributed to our commitment to the long-term strategic financial planning that is the foundation of developing our budget each year,” said Interim CEO Michelle Aguirre.
