NEW YORK - Moody's Investors Service said it has upgraded to Aa1 from Aa2 the rating on the city of Batavia, Ill.'s general obligation debt.
Concurrently, Moody's has assigned a Aa1 rating to the city's of Batavia's $1.6 million general obligation refunding bonds, Series 2012. Post-sale the city will have $10.8 million in outstanding general obligation debt.
The Series 2012 bonds are secured by the city's general obligation unlimited tax pledge. Proceeds from the bonds will advance refund the city's general obligation bonds, Series 2005 for interest rate savings.
The assignment and upgrade to Aa1 reflects the city's attainment of home-rule status providing significant revenue raising flexibility, strong financial position supported by ample reserves, sizable tax base, and manageable debt burden.