• Fitch once again affirms AAA Bond Rating for Elgin

    Fitch once again affirms AAA Bond Rating for Elgin

    Elgin, IL - The city of Elgin received a “AAA, Outlook Stable” financial rating from Fitch Ratings, confirming the city’s history of strong financial management. The AAA bond rating, affirmed on February 25, 2019, is the agency’s top rating.
    "The reaffirmation of the city's AAA bond rating reflects the city council's sound financial management and commitment to decision making that plans for the future," said Chief Financial Officer Debra Nawrocki.
    Fitch's review notes the City's strong revenue framework; including Elgin's home rule status which allowed for revenue diversification in 2018, solid flexibility over main expenditures, the maintenance of reserve level through the economic recovery and strong budget management. 
    "With Fitch reaffirming Elgin’s ‘AAA, Outlook Stable’ rating, as well as the exceptional financial stewardship practiced by the city council in its recent budget adoptions, Elgin is once again distinguished among its municipal peers," said Elgin City Manager Rick Kozal.

    Fitch Ratings is one of three nationally recognized statistical rating organizations (NRSRO) approved by the U.S. Securities and Exchange Commission. Fitch’s credit rating scales range from AAA to BBB for municipalities found to be of relatively low to moderate credit risk; and BB to D for those that signal a higher level of credit risk or default.
    Elgin’s AAA bond rating from Fitch Ratings continues to serve as a distinguishing factor in the City’s efforts to both retain and attract regional, national and international businesses. The stability and consistency the City’s financial rating represents is one of the strongest signals of assurance the City can send to the business community.

    Click here to view the complete Fitch Rating report.

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