Standard & Poor’s Rating Services raised its long-term rating and underlying rating (SPUR) to ‘AAA’ from ‘AA+’ on Lake Zurich Community Unit School District 95’s general obligation bonds.
According to Standard & Poor, “the rating action reflects our view of the school district’s consistent financial surpluses and increased fund balances.”
“The ‘AAA’ rating reflects our view of the school district’s:
- Participation in the diverse Chicago metropolitan area economy,
- Very strong income levels and extremely strong market value per capita,
- Very strong combined educational and operations and maintenance (O&M) fund balance, and
- Low overall net debt as a percentage of market value coupled with rapid amortization.
Elizabeth Hennessy, Partner at William Blair and Company, the District’s bond underwriter said, “The school district’s financial discipline and balanced budget policies resulted in a strong financial position affording the upgrade to the highest rating level.” Of the 868 school districts in Illinois only twenty-three are rated ‘AAA’ by Standard and Poor’s including Lake Zurich Community Unit School District 95.
This news release was submitted by Lake Zurich Community Unit School District 95.