Standard & Poor’s said it has raised its long-term and underlying ratings on Will County Township High School District No. 204’s general obligation bonds to AA from AA-minus, reflecting the strength and stability of the Joliet, Ill., district’s economic base and ongoing maintenance of very strong reserve levels.
At the same time, the agency assigned its AA standard long-term rating to the district’s $2.185 million of Series 2009 limited-tax school GOs.
The rating also reflects the district’s large local job base anchored by the city of Joliet and participation in the Chicago metropolitan statistical area’s deep and diverse economy, growing tax base with a substantial industrial and commercial component, and moderate debt burden with a sizable debt service extension base available for future limited-tax bond issuance.
“We expect that the district’s management will take the necessary steps to maintain at least balanced operations and strong reserves despite the dampening effect caused by tax caps on revenues,” said Standard & Poor’s credit analyst Helen Samuelson.
Securing the Series 2009 bonds is the school district’s debt service extension base, which is limited by amount but unlimited as to rate. The district will use proceeds for various capital projects.
The upgraded ratings cover $66.6 million of outstanding debt.
