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Media Information

 

FOR IMMEDIATE RELEASE
June 3, 2008
Contact:
 
Doree Krage, Asst. Director
Community Relations Department
630/543-4100, ext. 7550

VILLAGE BOND RATINGS UPGRADED TO ‘AA+’

Both Fitch and Standard & Poor’s Cite Village of Addison’s Sound Financial Standing

On May 30, the Village of Addison was notified that two bond rating agencies – Fitch Ratings and Standard & Poor’s – have assigned the Village a “AA+” rating.  This new rating from Standard & Poor’s, upgraded from “AA,” and reaffirmed rating from Fitch will be applied to the Village’s issuance of $6.2 million general obligation corporate refunding bonds.

In reaffirming the rating it originally gave the Village in June 2000, Fitch cited, “the village’s growing economic base, sound financial position and modest debt burden.”

Standard & Poor’s raised the rating based on “good managerial practices that have helped the village maintain very strong financial reserves.”

These bond ratings boosts will help the Village gain more competitive interest rates, which saves money in the long run, said Mayor Larry Hartwig.

“It also shows that our Board and Staff are working in a fiscally responsible manner, which is something we consider to be our top priority,” Hartwig said.

The upcoming bond issue is to refinance those issued in 1998 for the building of the Village Hall.  The refinance will save the Village approximately $200,000 – of that, approximately $10,000 is due to the new bond rating.

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