Pat Frank earns highest rating for investment pool
The Hillsborough County Investment pool, managed by Hillsborough County Clerk of Court and Comptroller Pat Frank, has received the highest possible rating from S&P Global Ratings.
The AAAf rating, an increase from AAf+, means the credit quality of the investment pool is “extremely strong,” the rating agency said in announcing the rating.
The Clerk of Court & Comptroller oversees a $2 billion investment pool for Hillsborough County. Funds in the Investment Pool consist mainly of operating funds, capital funds and reserves. As S&P Global ratings wrote in its announcement, “the fund's primary investment objective is the safety of principal of funds, followed by maintaining adequate liquidity and return on investment.”
As Chief Financial Officer of Hillsborough County, Frank manages the County’s cash and investments through the Hillsborough County Investment Pool. The new rating reflects the high quality of the pool’s investments, such as U.S. treasury securities, U.S. government sponsored agency securities and Florida Local Government Investment Pool (Florida PRIME). The S&P Global Ratings provide external quality assurance and transparency.
“I am proud of this rating and the hard work of my staff that it represents,” said Frank, an independently elected constitutional officer with wide ranging duties. “Hillsborough County is one of a few local governments with both the highest credit worthiness on the liability side of the balance sheet and the highest investment portfolio rating on the asset side of the balance sheet.”
Frank praised Deputy Comptroller Tim Simon for his leadership. “Tim is incredibly talented and focused on protecting the financial integrity of county government,” she said. “The taxpayers of Hillsborough County can rest easy knowing that these assets are safe and secure.”