Moody’s Investors Service recently gave DuPage County an Aaa rating on the recent refinancing of $5.4 million in drainage bonds in addition to all of the county’s bonds.
DuPage County Board Chairman Dan Cronin said the Aaa rating reflects the positive steps the county has taken to manage its finances during these difficult economic conditions.
“DuPage County has a rich history of financial stability and sound fiscal management. The triple-A rating comes at an especially important time when government entities are getting downgraded. The Moody’s triple-A rating is proof that DuPage Countycontinues to be a good steward of the public’s money,” he said.
Finance Chairman Paul Fichtner (District 1) said the Aaa bond rating is the best possible rating that the county could achieve and will result in substantial savings for taxpayers.
“DuPage County is in solid financial health. The triple-A bond rating is a testament to our responsible approach to draft a budget year after year that funds important programs and services without increasing property taxes. We have continued to do more with less and this rating proves our policies are correct during these uncertain economic times,” said Fichtner.
The report cites the county’s effective financial management through a sizeable and diverse tax base, adequate reserves and low debt burden were all factors in the Aaa rating.
According to the report, “the county’s continued focus on cost control measures along with revenue enhancements will likely insulate its finances from prolonged state aid delays and bodes well for it maintaining a balance sheet consistent with the Aaa rating.”
Two percent or 67 out of 3,068 counties in the nation have received the Aaa rating.