CCSD21 - News - CCSD 21 Receives Positive Credit Rating Update from Moody's Investor Service

CCSD 21 Receives Positive Credit Rating Update from Moody's Investor Service

August 27, 2018

Topic: Updates

On August 22, 2018, CCSD 21 was notified by Moody’s Investors Service (a credit rating agency) has removed the negative outlook from our current Aa3 bond rating. The removal of the negative outlook reinforces that the district’s credit rating is unlikely to be downgraded in the future. The press release from Moody’s states in part:

“Moody’s Investors Service has affirmed the Aa3 rating on Cook County Community Consolidated School District 21 (Wheeling), IL’s general obligation…debt. Concurrently, we have removed the negative outlook… The removal of the negative outlook reflects the recent improvement of the district’s financial performance that is expected to continue through at least fiscal 2019.”

The Board of Education works hard to enact fiscal responsible budgets and has reduced over nineteen million dollars in operating expenses over the past three years, ensuring the ongoing financial well being of the district. We are pleased that Moody’s has recognized this effort with the removal of the negative outlook on our Aa3 credit rating.

According to NASDAQ.com, an Aa3 credit rating is defined as “The fourth highest rating in Moody’s Long-term Corporate Obligation Rating. Obligations rated Aa3 are judged to be of high quality and are subject to very low credit risk.”

Moody’s Credit Opinion – August 22, 2018