Schools
Standard and Poor's Boosts District 113A's Bond Rating
The bond rating for Lemont-Bromberek 113A was upgraded recently, according to a release.
Standard & Poor's Ratings Services announced recently that it raised its underlying rating to 'A+' from 'BBB' on Lemont-Bromberek District 113A's existing general obligation bonds.
"The rating action reflects our view of the district's improved financial position, bolstered by management's efforts to significantly cut expenditures to build reserves inits educational and operations and maintenance funds (combined general fund)," said Standard & Poor's credit analyst Blake Yocom in a release.
Contributing factors to the improved rating include very strong incomes, strong market value per capita, and "very strong" available reserves, with surpluses projected in coming years.
The district's elevated carrying charges and a history of poor voter support in approving referenda offset its strengths, according to the release.
