Standard & Poor’s raised its rating on the Will County Forest Preserve District’s general obligation debt one notch to AA-plus in recognition of strong financial performance supported by annual operating surpluses and boosted reserves.
The review was done in conjunction with the district’s upcoming sale of $4.2 million of unlimited-tax GO bonds.
The district’s credit benefits from its participation in the diverse Chicago-area economy, strong wealth and income levels, and good management policies.
“We expect that the district will maintain sound financial operations and a moderate debt burden,” analyst Caroline West wrote.
“Strengthening the stable outlook is the strong level of ta-base growth in the district attributable to new construction, which will help it to maintain revenue growth and achieve its budgetary goals.”
Proceeds of the sale will fund preserve improvements and land acquisition and will mark the last issue under a $95 million referendum approved by voters in 2005. The district serves Will County, located just west of Chicago’s Cook County.