The city of Naperville has once again been awarded the highest bondrating available on the city’s General Obligation debt by both Standard & Poor’s Ratings Services (S&P) and Moody’s Investors Service.
Naperville 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 in a release. “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 Naperville'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," according to the city.
S&P 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.
Submitted by the city of Naperville