ECC retains Moody's Aaa credit rating

Elgin Community College maintained its Aaa credit rating according to Moody's Investor Services, the highest rating attainable among municipal entities and one of the few Illinois Community College Districts to achieve the prestigious credit mark.

The Moody's report released on Dec. 30, 2020, noted the strength of District 509's fiscal status, solid budgetary controls, and ample reserves, which are anticipated to remain healthy in 2021 given the lack of reliance on state aid.

"Elgin Community College is committed to making financially strong decisions and managing taxpayers' funds efficiently," said Kim Wagner, Ed.D., vice-president of business and finance. "This Aaa bond rating reflects this commitment as we carry out the college's mission to improve people's lives through learning."

The Aaa rating also enables the college to obtain lower interest rates in an upcoming bond refunding and pass savings onto taxpayers. ECC has maintained its Aaa status since 2009. The key rating drivers beyond its "healthy financial position" noted in the report included its substantial operating surplus, large property tax base, moderate debt burden, strong demographic profile, and modest dependence on state aid.

"We are pleased again to achieve the highest rating attainable for any municipal entity," says ECC President David Sam, Ph.D., J.D., LL.M. "This rating confirms our administration's and board's focus on being fiscally responsible and conservative while continuing to provide quality education to our students. In one of the most challenging years historically, we couldn't be prouder of our faculty, staff, board, and community."