The City of Naperville again has been awarded the highest bond rating available on the City’s General Obligation debt 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 17 years. The City has also held the ‘Aaa’ rating issued by Moody’s over the same 17-year period.
“The ‘AAA’ bond rating is a challenge to achieve and maintain and should be seen as a testament to the fiscal responsibility of the Mayor and City Council,” Finance Director Karen DeAngelis said. “The City is a diligent steward of taxpayer dollars and strives to ensure that our financial management is sound.”
The ratings, which confirmed what the agencies described as the City’s “well managed” and solid financial outlook, were performed in conjunction with the planned $33.29 million issuance of general obligation bonds for refunding purposes only. The ratings also apply to the total of $180.9 million outstanding from previously issued general obligation debt. The City anticipates the net present value savings to be approximately $2.5 million through the sale of the refunding bonds.