19th consecutive year Naperville has received highest ratings
The City of Naperville is proud to announce that it has once again been awarded the highest bond rating available on the City’s General Obligation bonds by both Standard & Poor’s Ratings Services (S&P) and Moody’s Investors Service.
Naperville is proud to have received the ‘AAA’ rating by S&P consistently for every debt offering in 19 years. The City has also held the ‘Aaa’ rating issued by Moody’s over the same 19-year period.
“The Mayor, City Council and all of Naperville City staff work together as a team to ensure the City’s sound financial management. It is important that our residents know that we are using their tax dollars wisely,” Finance Director Karen DeAngelis said. “Having both Standard & Poor’s and Moody’s issue us their highest ratings, for the 19th consecutive year no less, is the best possible affirmation of this hard work we could ever hope to achieve.”
Both the S&P’s and Moody’s ratings are reflective of the City’s very strong economy, strong corporate presence, well-managed financial operations and strong financial policies and practices. Also of note, according to both agencies, is the City’s incremental pension contribution of $6 million in fiscal year 2014 and future accelerated funding plans.
The rating review was performed in conjunction with the planned $17.3 million issuance of general obligation bonds, which are scheduled to go up for sale on April 15 with a closing date of May 1, 2014.