Wednesday, February 23, 2011
DuPage County Announces AAA Bond Rating for Public Works Department
DU PAGE COUNTY - Public Works Committee Chairwoman Debra Olson and County Board Chairman Dan Cronin announced that the DuPage County Department of Public Works has received the highest possible AAA Bond Rating from Fitch Ratings on their first lien Water and Sewerage System revenue bonds and a AA+ rating on their second lien Water and Sewerage System revenue bonds. The Public Works Department is responsible for providing sewer and water service to approximately 160,000 people throughout DuPage County. It is one of only about a hundred utility providers throughout the nation, not reliant upon tax revenue, that has received the distinction of a AAA bond rating.
"The AAA Bond Rating achieved by the Public Works Department is a culmination of many years of the County Board and staff working closely together to make the difficult decisions that were needed, always with an eye towards long-term needs. This outstanding rating, given the current fiscal environment, demonstrates the fiscal and management strength of this department. Through strong leadership, this department is well poised to meet the demands of the future," said Olson.
According to Fitch Ratings, the AAA Bond Rating reflects the system’s sound financial performance, low debt burden, strong oversight by county administration and a healthy liquidity. Additionally, it was determined that water and sewer systems owned and operated by the department have sufficient capacity for future expansion with their systems being well maintained and in full regulatory compliance.
"Considering the difficult economic times over the past several years, the DuPage County Board and the Public Works staff should be very proud of achieving this AAA bond rating. This is an outstanding accomplishment that will benefit the Department and the taxpayers of DuPage County through lower interest rates for any future borrowing needs. It is unusual that a county can achieve both a general obligation AAA rating and a revenue-based AAA rating as has occurred with DuPage County," said Cronin.