Standard & Poor’s upgraded Shorewood Hills’ general obligation rating to AA-plus from AA-minus due to strong financial reserves.
The review was conducted in conjunction with the village’s sale of $4.22 million of GO bonds and $2.3 million of promissory notes that will finance capital needs through next year and refund some 2007 debt. The upgrade affects nearly $9 million of debt.
Analyst said the strong rating further reflects the village’s participation in the Madison regional economy, extremely strong income and wealth indicators, and good financial management practices and stable operations.
“We expect that the village will be able to maintain at least a strong level of reserves as it continues to face challenges related to levy limitations,” said analyst Kathryn Horan.