Mount Prospect rates high with Standard and Poors

Mount Prospect had a lot to celebrate recently when it got an upgraded bond rating, which will save the village money. A Standards and Poors AA+ bond rating means when the village goes for loans for projects, it'll get a better interest rate.

"It is clearly a reflection of dedicated focus on sound financial processes and the management the village has exercised," said Mayor Irvana Wilks.

Because of the favorable rating, over the life of a loan, which is paid back by taxpayers, less money will have to be used to cover the interest on the loan, said Dave Erb, finance director.

The rating is the second-highest attainable through that particular agency, Erb said. Very few towns have the highest, which is AAA. Around here that includes suburbs like Lake Forest and Northbrook.

The village jumped two levels from last year, he said.