Buffalo Grove maintains top bond rating from Moody's

Moody's Investor Services recently confirmed Buffalo Grove's 'Aaa' long-term bond rating, citing its "favorable location and its affluent demographic profile," the village announced Monday.

The ratings agency also said Buffalo Grove has strong management and a low debt burden in explaining its decision to maintain the village's 'Aaa' status. The rating is the highest given by Moody's.

Buffalo Grove is one of only a handful of communities in Illinois to hold the highest bond rating available from Moody's, representing less than 1 percent of the 1,299 municipalities statewide, according to the village.

"This rating is the result of prudent financial and budgetary management, innovative cost-saving strategies, and a conservative approach to managing debt," Village President Beverly Sussman said in a news release. "I credit both staff and the elected (village) board for maintaining this prestigious rating."

Sussman said the state's ongoing budget woes are a significant threat to the village's long-term financial stability, and called on Illinois' elected leaders to develop a viable financial plan.