Bond Rating

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On July 16, 2013, Moody’s Investment Services advised the Village that it was rerating the community due to unfunded pension liabilities caused by Springfield. Elk Grove Village’s new rating of AA1 places it at the second highest of 22 rating levels. The Village was previously at the highest level (AAA).

In making the decision to rerate Elk Grove Village, Moody’s noted that Elk Grove has extremely competent management, conservative budget practices, a low debt burden, extremely strong fund balances, and a well-leveraged industrial tax base. However, Moody’s is now considering the unfunded pension liabilities of both the State and local pensions (local pension benefits are determined by Springfield) when issuing a bond rating.