Bensenville sees debt rating upgrade
The Village of Bensenville’s General Obligation Unlimited Tax (GOULT) debt rating was recently upgraded by Moody’s Investors Services to Aa3 from A1.
Moody’s also upgraded the rating of the village’s GOLT debt certificates to A1 from A2.
The upgrade of the GOULT debt rating to Aa3 reflects the stable financial operations of the village with a substantial increase in reserve levels, according to Moody’s, which also incorporated the village’s stabilizing tax base, socioeconomic profile, above-average debt profile and manageable pension burden in to the rain.
“We have put a high priority on stabilizing the finances of the Village of Bensenville,” Village President Frank Soto said. “It’s nice to see that work being validated by a reputable independent firm such as Moody’s. The bottom line is that better credit ratings ultimately translate into reduced interest costs for the Village. Our taxpayers will save money because of this upgrade.”
According to the Moody’s report, the village’s financial operations are expected to remain sound as a result of positive revenue trends and improved local and regional economic conditions. Moody’s also recognized the results from a professional management team recruited in 2009 to maintain the village’s reserves through conservative budgeting that posted annual surpluses of between $1 million and $3 million.
Additionally, expenditures for the village fell from $29 million to $21 million since 2008, which underscores efforts by management to control costs.
Moody’s report also acknowledged that 65 percent of the village’s debt would be retired within the next 10 years.
“The Village of Bensenville has recovered from unprecedented financial setbacks caused by airport expansion and severe economic conditions,” Soto said. “The village board and our leadership team are disciplined stewards of our public funds. We will continue to work towards one of our fundamental community goals to be financially sound while providing quality customer focused services.”
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12 S. Center Street
Bensenville, IL - 60106