The village of Bloomingdale has received a bond rating of AA+ by Standard and Poor's, the village said Tuesday.
This is an improvement from AA rating the village received in 2014.
Standard & Poor based the improved rating on the village's strong budgetary flexibility with available fund balance and its strong liquidity, providing very strong cash levels to cover debt service and expenditures.
Also considered by Standard & Poor was the village's strong management conditions with "good" (second highest rating) financial practices and policies, weak debt and contingent liabilities position and strong institutional framework.
Bloomingdale Mayor Franco Coladipietro said the improved rating is the result of a number of factors coming together, resulting in the village improving its financial rating.
"The improvement in bond rating is a testament to the village board and staff," Coladipietro said. "Many of the financial policies and practices implemented in the recent past played a vital role in Standard & Poor’s decision to upgrade the village.
"The improved rating has resulted in interest cost savings to the village in the amount of $479,000 in connection with the refinancing of the 2007 bonds issued to purchase the Indian Lakes open space property."
Bloomingdale Village Hall is located at 201 S. Bloomingdale Road, Bloomingdale.