The Village of Downers Grove has received a AAA bond rating from Standard & Poor's (S&P), the highest rating issued by the agency. The ratings upgrade from AA+ came as the Village sought to refinance its 2005 series bonds.
"This outstanding municipal bond rating is directly attributable to the Village's efforts to be a steward of financial sustainability," said Mayor Martin Tully. "With this analysis and report, Standard & Poors has acknowledged our long range planning efforts and exceptional management practices. All Downers Grove residents and businesses benefit as the Village will refinance the bonds at a lower cost."
The S&P Summary Report cites the following as factors which contribute to Downers Grove's economic stability:
- Strong management conditions, with a consistent track record of balanced budgets;
- Very strong budgetary flexibility, with 2012 audited reserves at 41% of general fund expenditures;
- Adequate budgetary performance, which takes into account capital spending S&P considers to be aggressive;
- Very strong liquidity providing very strong cash levels to cover both debt service and expenditures;
- Strong economy, which benefits from participation in the broad and diverse economy of Chicago.