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Media Information

 

FOR IMMEDIATE RELEASE
May 5, 2010
Contact:
 
Roseanne Benson, Director
Finance Department
630/543-4100, ext. 7561

VILLAGE BOND RATING UPGRADED TO ‘AAA’

New Rating is Highest Achievable Rank

The Village of Addison was notified May 3 by Fitch Ratings that its municipal bond rating has been upgraded from “AA+” to the highest possible rating of “AAA.”

Credit ratings provide Fitch’s opinion on the relative ability of an entity to meet its financial commitments. This new rating will allow the Village to receive a substantially lower interest rate in the event bonds are issued for construction or to refinance debt, said Village Manager Joseph Block.

“An upgrade in this economic climate is really an extraordinary achievement,” Block said.

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

The Village had achieved the “AA+” ranking from Fitch in 2000, and it was reaffirmed in 2008.