Plainfield Sees Increase In Water, Sewer Enterprise Fund Rating

PLAINFIELD, IL — The Village of Plainfield's water and sewer enterprise fund rating has increased, staff announced.

New York-based Moody's Investors Service, a company that rates the creditworthiness of companies, governments and fixed-income debt securities, raised Plainfield's rating from Aa2 to Aa1, according to a Friday news release.

The company also affirmed Plainfield's Aa1 rating on outstanding general obligation bonds.

The highest possible rating Moody's can assign is Aaa. Aa1, Aa2 and Aa3 are the next best ratings. A "C" designation is the lowest rating, indicating default is likely.

"Our staff has worked hard and effectively to give our residents high quality services and an efficient use of your tax dollars," Mayor John Argoudelis wrote in a Facebook post. "[Moody's] is recognizing this and hats off to all who have worked so hard to earn this rating."

According to the release, Moody's noted in its report that Plainfield "benefits from a trend of strong financial operations supported by growing tax and revenue bases."

"The other part of the equation is 'growing tax and revenue base' which also requires a strong staff but implies leadership as well in making the Best Plainfield," Argoudelis wrote. "Much of what we have accomplished in the past few years is increasing our revenues from sources other than our homeowners. Retail sales tax now outstrips real estate taxes, industrial growth and dispensaries are also taking the burden off our homes."