Standard & Poor's Ratings Services said it raised its long-term rating to AA from AA-minus on Clarendon Hills Park District, Ill.'s existing general obligation limited-tax park bonds.
At the same time, Standard & Poor's raised its long-term rating to AA-minus from A-plus on the district's existing debt certificates. The outlook is stable.
"The raised rating reflects our view of the district's consistent trend of operating surpluses, which have built reserves to very strong levels," said Standard & Poor's credit analyst Helen Samuelson.
The rating on the debt certificates is set one notch below the issuer credit rating due to the limited nature of the security.
The district serves the affluent Chicago suburb of Clarendon Hills (estimated population of nearly 9,000), which is located in DuPage County about 19 miles west of downtown Chicago. The district operates a community center, outdoor pool, and parks, and provides a wide variety of recreational programs. The district also offers preschool programs.
