Standard & Poor’s raised Plainfield Township Park District’s general obligation rating to AA from A in recognition of the district’s positive financial operations that have helped build strong reserve levels.
The rating also reflects the district’s moderate debt burden and location near Chicago and its diverse economy. For 2009, the district expects to maintain a 50% balance in its general fund.
“The district’s stable outlook reflects our expectation that the district will maintain sound financial operations and at least adequate reserve levels despite the current slowdown in tax base growth,” wrote analyst Helen Samuelson.
The Park District is located about 37 miles southwest of Chicago and covers a 40-square-mile area that serves the suburbs of Plainfield as well as portions of Joliet, Bolingbrook, Romeoville, and several unincorporated areas in Will and Kendall counties. The district has $7.6 million of GOs outstanding.