Standard and Poor’s Global Ratings raised Crest Hill’s commercial credit rating this week to its highest level in the city’s nearly 60-year history.
The city said its AA rating comes at an opportune time as it’s poised to sell $11.6 million in long-term bonds later this month to fund the construction of its new city hall and police station, according to a news release.
“Our improved credit rating reflects the city’s financial strength and sound fiscal management practices in recent years and my administration remains committed to strengthening its financial performance,” Crest Hill Mayor Ray Soliman said in the release. “The rating upgrade demonstrates the city is taking the necessary steps to achieve financial growth and while responsibility overseeing taxpayer dollars.”
Crest Hill will be able to obtain a lower interest rate on the bonds it plans to sell as a result of the improved rating. The AA rating is the third-highest credit rating the S&P offers.
The Crest Hill City Council approved an ordinance on Monday for issuing the bonds. A closing date has been scheduled for Dec. 3.
In 2010, Moody’s issued Crest Hill a rating of Aa3, which is the equivalent of S&P’s AA- rating.
The city plans to break ground on the new City Hall and police station next year. The new buildings will be located next to the White Oak Library District branch on Weber Road, which was built in 2013.
Crest Hill officials are targeting undeveloped property with the Weber Road tax increment finance district to attract new businesses to the city, according to the release.