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Friday, March 31, 2023

Naperville maintains highest bond rating from Standard & Poor’s and Moody’s


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.city of naperville square

City of Naperville
City of Napervillehttp://www.naperville.il.us.
About Naperville: Located 28 miles west of Chicago, Naperville, Ill., is home to approximately 145,000 people. This vibrant, thriving City consistently ranks as a top community in the nation in which to live, raise children and retire. The City is home to acclaimed public and parochial schools, the best public library system in the country, an array of healthcare options and an exceptionally low crime rate. Naperville has ready access to a variety of public transportation, housing and employment options. The City’s diversified employer base features high technology firms, retailers and factories, as well as small and home-based businesses. Residents also enjoy world-class parks, diverse worship options, the opportunity to serve on several City boards and commissions, a thriving downtown shopping and dining area, a renowned outdoor history museum known as Naper Settlement and an active civic community. For more information, please visit our website at www.naperville.il.us.