Moody's Upgrades Village of Bensenville's Debt Rating to Aa3

Moody's Investors Service has upgraded the Village of Bensenville's General Obligation Unlimited Tax (GOULT) debt rating to Aa3 from A1. Concurrently, Moody's has upgraded the rating on the Village's GOLT debt certificates to A1 from A2.

The Aa3 rating reflects the Village's stable financial operations with a substantial increase in reserve levels. Also incorporated into the rating is the Village's stabilizing tax base, socioeconomic profile, above average debt profile, and manageable pension burden.

"We have put a high priority on stabilizing the finances of the Village of Bensenville. It's nice to see that work being validated by a reputable independent firm such as Moody's. The bottom line is that better credit ratings ultimately translate into reduced interest costs for the Village. Our taxpayers will save money because of this upgrade." said Village President Frank Soto.

The Moody's report stated that the Village's financial operations will likely remain sound, given positive revenue trends and improved local and regional economic conditions. Moody's also recognized the results achieved by a professional management team recruited in 2009 that has successfully maintained reserves through conservative budgeting and posting annual surpluses of between $1 million and $3 million. Since 2008 expenditures fell from $29 million to $21 million, underscoring efforts by management to control costs. The upgrade report also acknowledged that 65 percent of the Village's debt would be retired within the next ten years.

"The Village of Bensenville has recovered from unprecedented financial setbacks caused by airport expansion and severe economic conditions. The Village Board and our leadership team are disciplined stewards of our public funds. We will continue to work towards one of our fundamental community goals to be financially sound while providing quality customer focused services." said Village President Soto.