Standard & Poor's Ratings Services said it raised to AA from AA-minus its rating on Grundy County Public Building Commission, Ill.'s prior debt and on Grundy County's outstanding general obligation bonds.
It also assigned a AA rating to the commission's series 2015 public building revenue refunding bonds. The outlook is stable for all ratings.
"The upgrade is due to the county's very strong budgetary flexibility and liquidity," said Standard & Poor's credit analyst John Kenward.
The series 2015 bonds are payable from county rental payments made to the commission pursuant to a lease agreement with the issuer, and secured by unlimited ad valorem property taxes levied on all taxable property within the county. The county's rental payments are not subject to annual appropriation. The county will use bond proceeds to refund prior commission debt for savings.
