Treasurer Oscar Valdez has announced that the county’s $6.4 billion investment pool has earned the highest possible rating from Fitch Ratings.


The independent credit-rating firm San Bernardino County Investment Pool a rating of AAAf/S1, says a press release from Valdez. 


Fitch Ratings attributed the strength of the pool to the county treasurer’s investment management oversight, operational controls, and conservative investment policies, he says. 


“The San Bernardino County Auditor-Controller/Treasurer/Tax Collector has an extensive track record of management of this pool,” said the May 7 report. “Stability and diversification of underlying assets, as well as stable performance, substantiate this fact.”


The ‘AAAf’ Fund Credit Quality Rating reflects the portfolio’s (low) vulnerability to losses as a result of defaults in its bond holdings and is based on the actual and prospective average credit quality of the portfolio’s investments, the report says.


“The ‘S1’ Fund Market Risk Sensitivity Rating reflects the relative (low) sensitivity of a portfolio’s net asset value to assumed changes in credit spreads and interest rates, as well as certain other market risk parameters, taking into account the effects of leverage, where applicable.”


For Fiscal Year 2016-17, the pool yielded over $50 million in investment earnings.  San Bernardino County’s investment pool is made up of property tax dollars and local government agency funds.  Together, they constitute the treasury for all of the county’s school districts, community college districts, departments and many special districts. 


The full Fitch Ratings report and additional County investment information can be found at


The San Bernardino County Board of Supervisors appointed Valdez  in February 2016, Larry Walker announced his retirement after 18 years.


Valdez is being challenged by Ensen Mason in the June 5 election. Mason, who served on the Victor Valley High School District from 2010 to 2012, calls himself Taxpayer Advocate/CPA on the ballot.


Valdez challenged the designation, but it was upheld by a Superior Court judge, according to

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