Buffalo Grove gets top marks from bond rating agency

Standard & Poor's Global Ratings (S&P) has given the Village of Buffalo Grove its highest possible bond rating, a AAA, the village announced.

The rating applies to both the village's existing debt portfolio and its 2022 General Obligation bonds.

S&P cited the village's redevelopment efforts, both current and ongoing.

Approximately $380 million in public and private investments are currently underway or were recently completed. They include the redevelopment of the Town Center, soon to be reborn as The Clove.

They also include the Northwest Community Hospital facility on Lake-Cook Road; Lou Malnati's corporate headquarters, relocated from Northbrook to its new address at 900-950 Busch Parkway in Buffalo Grove; and the new Ricky Rockets fuel center at 700 E. Lake-Cook Road, which will also include the Jimmy John's that was formerly at the Town Center.

In addition to the redevelopment, the village has made a substantial investment in infrastructure.

S&P's rating report also noted the village's strong management practices and budgetary controls.

"Receiving this achievement wouldn't be possible without the strategic planning and sound budget management of village leadership - our executive team, finance department and village board," said Village Manager Dane Bragg.

"We will continue pursuing strategies to responsibly and effectively make investments that position us to better serve the community and maintain the high quality of life our residents have come to expect."

This year, the village intends to issue bonds to assist with the purchase of a building at 1650 Leider Lane to replace its public works headquarters.

In addition to the S&P rating, the village again received the Certificate in Achievement for Financial Report Award from the Government Finance Officers Association (GFOA) in 2021.