Standard & Poor’s last week upgraded the rating of West Chicago by two notches to AA-plus based on the city’s strong financial position.
The review came in conjunction with an upcoming general obligation issue. Proceeds from the issue will refund debt sold in 2002 for savings.
“The upgrade is based on the city’s sustained very strong financial position,” analyst John Kenward wrote. The credit also benefits from its participation in the Chicago metropolitan area economy, strong income levels, good financial management, and a low overall debt burden.