District 95’s bond rating raised to AAA
Updated: March 15, 2013 11:35AM
LAKE ZURICH — Standard & Poor’s Rating Services raised its long-term rating and underlying rating to AAA from AA+ on Lake Zurich Community Unit School District 95’s general obligation bonds.
According to Standard & Poor’s, “the rating action reflects our view of the school district’s consistent financial surpluses and increased fund balances.”
The determination was based upon the school district’s participation in the diverse Chicago metropolitan area economy; very strong income levels; extremely strong market value per capita; very strong 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 23 are rated AAA by Standard and Poor’s.