City Of Elmhurst Keeps AAA Bond Rating For Seventh Straight Year

Elmhurst IL

31 March, 2021

5:30 PM

Description

ELMHURST, IL – Standard and Poor's Global Ratings assigned its AAA long-term rating to the City of Elmhurst's $9.61 million series 2021 general obligation (GO) bonds, city officials announced on Wednesday. The city will use bond proceeds for storm water capital projects and to refund the series 2012 GO bonds, for interest savings. At the same time, S&P Global Ratings affirmed its AAA rating on the city's previously issued GO bonds. The City of Elmhurst received its first AAA rating in December, 2013 and has maintained it for seven years in a row, according to a news release. The AAA rating is the highest rating assigned to a governmental organization by S&P and reflects the city's strong economy, powerful budgetary flexibility and performance, and strong liquidity position and management, officials said. The AAA rating is very significant in the city's ability to both issue new bonds and refinance existing debt at the lowest possible interest rates, officials said in the release. According to city officials, only about 30 of 310 rated municipalities across the state of Illinois have a AAA rating.