DuPage keeps triple-A rating

DuPage County has received good news suggesting its finances are in strong enough shape to weather the current economic slowdown.

One of the major bond-rating firms, Moody’s Investors Service, recently reaffirmed a Triple-A rating for the county. That keeps DuPage in an elite group of 67 counties nationwide with Triple-A ratings, officials said.

“We’ve been able to maintain our Triple-A rating through the worst economic circumstances in decades,” said Paul Fichtner, chairman of the county board’s finance committee. “It shows the strength of our overall budget.”

On Tuesday, Fichtner said he believes the rating will result in substantial savings for taxpayers whenever the county borrows money.

“It enables us to refinance our bonds at a lower rate than anybody else without that rating,” he said.

DuPage was able to get a better interest rate when it recently refinanced $5.4 million in drainage bonds. As a result, DuPage is expected to save about $800,000, Fichtner said.

The county sought the rating by Moody’s during the refinancing of the drainage bonds.

According to officials, the report cites DuPage’s effective financial management through a sizable and diverse tax base, adequate reserves and low debt burden as factors in the Triple-A rating. Moody’s concluded that cost-control measures and revenue enhancements likely will insulate the county from prolonged state aid delays, officials said.

“DuPage County has a rich history of financial stability and sound fiscal management,” county board Chairman Dan Cronin said in a statement. “The Moody’s Triple-A rating is proof that DuPage County continues to be a good steward of the public’s money.”