Moody's upgrades Cook County's bond rating to A1

Moody's Investors Service has upgraded Cook County's bond rating from A2 to A1, the county's second ratings upgrade in less than two years, officials said Tuesday.

"This step shows once again that we are on the right track and our efforts to create long-term fiscal stability are being rightfully recognized," county board President Toni Preckwinkle said in an announcement of the upgrade. "Today's recognition is proof of concept that local governments can both invest in our communities and remain responsible stewards of our residents' tax dollars."

Moody's noted the upgrade reflects the county's accumulation of sound reserves and considers pension reform legislation recently signed by Gov. J.B. Pritzker. Improved financial operations have been driven by a willingness and ability to raise revenue, robust growth in sales tax receipts, operational improvements and an influx of federal aid.

Fitch Ratings last month revised the county's outlook from stable to positive, the county's work to increase reserves, financial management efforts and the importance of new pension reforms.