The Village of Riverside's AA+ Credit Rating was reaffirmed this week by Standard & Poor (S&P) Global Ratings. This is considered a High Grade rating and will allow the Village to issue debt at a lower interest rate. The Village is very pleased with the continuation of this high credit rating as it prepares for a 2023 General Obligation (GO) Limited Tax bond debt issuance. Bond proceeds will be used to finance various facility improvements.
Riverside's credit rating of AA+ is due to years of sound financial management. The Village reported significant surpluses during the past two annual financial reports and has very strong reserve levels. Rising pension obligations and other personnel-related expenses are an on-going challenge for many municipalities, including Riverside. Management believes that these persistent issues can be effectively addressed with additional commercial tax revenues generated by new businesses opening within the Village. It is the goal of the Village of Riverside to reclaim a Prime AAA rating in the future.
Riverside Credit Rating History
2005 Moody's - A1
2011 Moody's - Aa2
2013 S&P - AA+
2014 S&P - AAA
2019 S&P - AA+
2020 S&P - AA+
2023 S&P - AA+