According to a release from the City of Elmhurst issued by Finance Director Thomas Trosien, Standard and Poor’s (S&P) Global Ratings assigned its AAA long-term rating to Elmhurst’s $9.61 million series 2021 general obligation (GO) bonds. 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 Dec., 2013 and has maintained it for seven years in a row.
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.
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. In Illinois, only about 30 of 310 rated municipalities have a AAA rating. For more information, visit www.elmhurst.org.
