JOLIET – Fitch Ratings has affirmed an AA+ bond rating for Will County based upon key rating drivers such as healthy financial reserves, a robust regional economy, and manageable long-term liabilities. This favorable bond rating enables the county to negotiate better interest rates when issuing new bonds.
“Due to Will County’s fiscal prudence, we have maintained this AA+ rating since 2008,” said Will County Executive Larry Walsh. “Will County is able to pay its bills on time while allocating revenue for important future projects.”
Will County was noted for consistently maintaining operating surpluses and a healthy financial reserve fund in accordance with county policy and its deep and diverse economic base which has created numerous employment opportunities throughout the Chicago metropolitan region. Future projects such as the Illiana Expressway and the South Suburban Airport were also noted for the impact on future development activity.
“Will County’s strategic location and skilled workforce continue to make us attractive to both commercial and industrial business,” Walsh said. “I believe our responsible financial approach is the key to our continued success in growing our local economy.”
Will County was commended for its financial performance over the past five fiscal years. The county expects its ending fund balance for 2013 to be in line with the fiscal 2012 performance.
“The Will County Board and the County Executive’s office have successfully worked together to be fiscally responsible,” said Steve Wilhelmi, chairman of the county board finance committee. “We have an obligation to our taxpayers to provide essential services while planning for our future growth. These actions require funding and we are moving forward in a proactive way.”
“I am proud of this AA+ rating for Will County and thankful to all our elected officials and staff who have helped us to achieve this strong financial position. In today’s economy when many governmental bodies are facing challenging financial outlooks, Will County is fiscally sound and moving forward.”
For more than 100 years, Fitch Ratings has been a global leader in providing financial information through independent credit ratings, commentary and research. Fitch Ratings has been recognized by the Securities and Exchange Commission as a national statistical rating organization since 1975