Credit rating agencies rate Woodridge highly as it prepares for bond sale

As the village of Woodridge prepares for the sale of $5.5 million bond sale on Dec. 2, 2010, credit rating agencies Fitch Ratings and Moody's Investor Services have assigned the bond issue an AAA and Aa1 rating, respectively. The high rating from each of the firms are a testament to the Village's leadership and sound fiscal management. Fitch Ratings based their rating on the Village maintaining flexibility through diverse revenue sources and prudent expense management. The rating noted the Village's continued ability to maintain sound reserve levels in the face of the potential for reduced state aide and sales tax collections.

Moody's Investor Services cited the Village's residential tax base, location just west of Chicago, strong finances with low anticipated draws on reserves, and manageable debt burden as reasons for its rating. Proceeds of the bonds will be used for the purpose of a 32-unit, 3.4 acre apartment complex for future redevelopment as senior housing as well as support for a $10 million reinvestment by a local developer in a 123-unit multi-family complex.

These ratings are in addition to Fitch recently affirming the AAA rating for two of the Village's previous bond issues. Additionally, Moody's has affirmed the Aa1 rating on the Village's outstanding general obligation debt including the current bond offering. Copies of both the Fitch Ratings and Moody's Investor Services press releases can be found at www.vil.woodridge.il.us.