DOWNERS GROVE – The Village of Downers Grove received a AAA bond rating from Standard & Poor's, the highest rating issued by the agency.
The ratings upgrade from AA+ came as the village sought to refinance its 2005 series bonds.
"This outstanding municipal bond rating is directly attributable to the village's efforts to be a steward of financial sustainability," Mayor Martin Tully said in a statement. "With this analysis and report, Standard & Poors has acknowledged our long range planning efforts and exceptional management practices. All Downers Grove residents and businesses benefit as the village will refinance the bonds at a lower cost."
The S&P Summary Report cites the following as factors which contribute to Downers Grove's economic stability, according to the village:
• Strong management conditions, with a consistent track record of balanced budgets
• Very strong budgetary flexibility, with 2012 audited reserves at 41 percent of general fund expenditures
• Adequate budgetary performance, which takes into account capital spending S&P considers to be aggressive
• Very strong liquidity providing very strong cash levels to cover both debt service and expenditures
• Strong economy, which benefits from participation in the broad and diverse economy of Chicago