S&P Global Ratings recently confirmed the Village of Sugar Grove’s strong financial status by affirming the Village’s AA+/Stable Long Term Rating.
The Village was rated as part of its current refinancing of existing 2006 and 2008A bonds to take advantage of current low interest rates. According to Finance Director Matt Anastasia the refinancing will result in an estimated savings of over $157,000. Trustee Rick Montalto commented that “Anytime we can take action that reduces costs, it benefits all the taxpayers of the Village. $150,000 plus is a significant amount of money that can be reallocated to other services that our residents need”.
S&P specifically noted the Village’s strong economy, very strong management, strong budgetary performance, and strong institutional framework, amongst several other positive attributes. The rating reflects S&P’s “expectation that Sugar Grove will continue to sustain a very strong overall financial profile, with a structurally balanced operating budget”. Village President Sean Michels noted, “The Board and staff have worked very hard for many years to provide quality government within our financial means. I understand and appreciate the magnitude of an AA+ rating for a community of our size. The Village finances are in a place where an AAA rating would be warranted if we were a little larger”.
Trustee Mari Johnson was also pleased with the rating. “ I am proud of what we have been able to achieve. While there are many government agencies that are struggling financially for various reasons, the Village of Sugar Grove continues to be financially responsible”.