The Plainfield Park District’s Standard & Poor’s rating on its outstanding debt was raised from AA to AA+. At the same time, S&P Global Ratings assigned its AA+ rating to the district’s series 2017 general obligation park bonds.
The rating upgrade was based on the district’s higher reserve levels and overall stronger financial operations, which S&P Global Ratings believes will be sustained, because management adopted stronger financial policies and practices rating.
Of the 72 Illinois park districts rated by S &P Global Ratings, only one has obtained the highest S&P Global Rating of AAA, which is one level higher than the Plainfield Park District’s AA+ rating.
Generally, a higher S&P Global Ratings debt rating will result in lower interest rates on the district’s upcoming 2017 bond sale, which will result in less interest paid by district taxpayers through their property taxes.