NORTH AURORA – Standard and Poor’s recently raised its long-term and underlying bond ratings for the village of North Aurora to “AA” from “AA-” with a stable outlook.
Standard and Poor’s cited several reasons for the increased ratings in a news release.
“The upgrade reflects improved sales taxes, which have strengthened the village’s financial position,” S&P credit analyst John Sauter said in the release.
According to the release, the ratings also reflect the village’s participation in the Chicago metropolitan area’s deep and diverse economy; strong incomes and very strong wealth; strong general fund reserves supported by good financial management practices; and moderate overall debt burden with rapid amortization and no additional debt plans.
“The stable outlook reflects our expectation that the Village will take the necessary steps to maintain very strong reserves in line with its 40 percent to 50 percent reserve policy,” Sauter added.
A rating of AA is two below the highest rating possible from S&P, or AAA, the release stated.
“I am extremely proud of our village board and staff for the outstanding effort they continually display,” North Aurora Village President Dale Berman said in the release. “This is a good example of reward for their efforts.”