Elmhurst Gets Highest Possible Bond Rating

ELMHURST, IL – The city of Elmhurst has received the highest possible long-term bond rating from a credit rating agency, the city announced Tuesday.

S&P Global Ratings has assigned AAA status for Elmhurst, saying the city has a stable outlook.

The rating applies to the city's $11.2 million in general obligation bonds this year. Those bonds are refinancing older city debt for interest savings and paying for the design of a new police station, the city said.

In a statement, the city said the rating is the highest score a public body can receive from an agency, showing the city is financially strong and manages its money carefully.

It means Elmhurst can borrow money at lower interest rates for road, water and police projects, the city said.

S&P cited Elmhurst's "strong economy with local growth, along with its access to the larger Chicagoland area."

"Receiving and maintaining a AAA bond rating reflects decades of disciplined financial management and long-term planning," Christina Coyle, the city's finance director, said in the statement.

S&P also noted that Elmhurst follows a formal fund balance policy requiring the general fund to maintain reserves between 25 percent and 33 percent of projected operating expenditures, according to the city's statement.