For Immediate Release
The Borough of Park Ridge is pleased to announce that on December 18, 2013 Standard & Poor's Rating Services (S&P) issued a ratings upgrade for Park Ridge's debt to AA, with a stable outlook. Previously, Park Ridge's debt was rated AA-.
Park Ridge Mayor Terry Maguire commented on the ratings upgrade from S&P. “I am pleased that S&P has recognized the steps we have taken over the past two years to justify this improvement in our credit rating. I would like to thank the Finance Committee led by Councilman Rich Bosi and including Councilwoman Ann Kilmartin, Borough CFO Colleen Ennis and Borough Administrator Kelley O’Donnell, for their hard work and dedication to Park Ridge. "
Rich Bosi, Finance Chair said, "Over the past 2 years the Finance Committee has worked diligently on improving the financial health of Park Ridge. We dealt with the unfunded liabilities of $5,000,000 at historically low interest rates and we were able to increase our financial reserve/surplus over the past two years.” “As we look forward to the 2014 budget I am optimistic that we will be able to hold the line on municipal taxes. In addition, Park Ridge will actually reduce our debt by almost $1,000,000 in 2014", Bosi concluded.
This upgrade will benefit Park Ridge by saving costs associated with future bond sales and result in even lower interest rates due to the stable financial outlook of Park Ridge.
Below are a few comments from the S&P report:
“The stable outlook reflects our expectations that the borough will maintain its very strong budgetary flexibility and performance supported by very strong liquidity."
"We believe debt will likely remain manageable due to rapid amortization." “The borough’s budgetary performance, in our view, has been strong.”
“ In our opinion the borough’s budgetary flexibility is strong with available reserves at 10.5% of expenditures for fiscal 2012”
PLEASE CLICK HERE FOR THE REPORT SUMMARY FROM THE S&P.