Franklin Park’s Credit Rating Upgraded

Lawndale News Chicago's Bilingual Newspaper - Business

Mayor Barrett Pedersen announced that Standard and Poor’s Rating Service has raised the Village’s credit rating two full categories to A +.

“This increase in our credit rating is a validation of our ever improving financial performance over the past four years,” stated Mayor Barrett Pedersen. “An increased bond rating indicates that our financial condition is strong and continues to strengthen. It allows the Village to borrow money, if needed, at a lower rate and allows the Village to refinance to a lower interest rate on any existing debt.”

This upgrade represents an impressive financial turnaround for the Village. Franklin Park has done a remarkable job of increasing its credit worthiness and establishing its financial stability. Standard and Poor’s raised the Village’s rating two categories in November 2012 and the August 2014 review resulted in another two-category jump to A Plus. Finance experts view a two-category upgrade as rare and two consecutive upgrades are considered extremely rare.

The Standard and Poor’s credit upgrade was received on the heels of another notice of positive financial news for Franklin Park. For a third year in a row, the Village has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association. The Certificate of Achievement is the highest form of recognition in government accounting and financial reporting.

Comments are closed.