For the 18th 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 18 years. The City has also held the ‘Aaa’ rating issued by Moody’s over the same 18-year period.
“Our Mayor and City Council, along with City staff, work to ensure that our financial management is sound and reflective of the desires of our taxpayers,” Finance Director Karen DeAngelis said. “We are proud to once again have received these ratings and will continue to be good stewards of the City’s dollars.”
S&P’s rating reflects the agency’s view of the City’s large, well-diversified tax base with a substantial corporate presence in addition to very strong income levels, strong financial position with strong managerial practices and low funding dependence on the federal government. S&P also noted the City reserves increased due to surpluses in the last two years and will be used to fund an extra $6 million contribution to the public safety pension funds.
Moody’s also cited the City’s large and diverse tax base in its rationale in addition to an affluent residential base, relatively low unemployment levels, financial flexibility due to Naperville’s home-rule status and the recent stabilization of sales tax revenues.
The ratings also apply to previously issued general obligation debt. The agencies expect the City’s finances to remain stable, with S&P anticipating no change to its AAA rating within the next two years.
For more information on the City of Naperville, visit www.naperville.il.us.