City of Naperville Maintains Highest Bond Rating from Standard & Poor’s and Moody’s
Strong Management and Strong Financial Policies Highlighted
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 for more than two decades. The City has also held the ‘Aaa’ rating issued by Moody’s over the same 22-year period. Both the S&P’s and Moody’s ratings are reflective of the City’s very strong economy, very strong budgetary flexibility, availability of funds and strong debt position, with over 81 percent of Naperville’s debt scheduled to be retired in the next 10 years.
Specifically noted in S&P’s report were the “very strong” management practices of the City, especially its strong financial policies and practices. Moody’s cited the City’s large and diverse tax base and affluent residential base as justification for its rating. It also noted that the City’s tax base declined a cumulative 17 percent between 2001 and 2014 but has since recovered to 99 percent of its pre-recession peak.
“Our continued AAA bond rating is reason to celebrate, but it is also a time to recommit to our fiscal responsibilities,” Mayor Steve Chirico said. “We must continue to proactively address financial issues that touch many suburban municipalities, including ours, and we will rely on our financial principles as guideposts in these decisions. Our City Council is committed to crafting policies that provide high quality services to the community while being mindful of taxpayers’ contributions.”
The rating reviews were performed in conjunction with a planned $8 million bond issuance later this month, which will be used for capital projects such road and bridge work and other initiatives. The full ratings reports can be viewed at www.naperville.il.us/government/city-finances/.
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.