Will County officials announced today that Moody’s Investor Service has confirmed the county’s Aa1 credit rating. Moody’s reports that the credit position for Will County is very high quality and its Aa1 rating is slightly above the national median rating of Aa2. Notable credit factors include a robust financial position, an extensive tax base, and a strong wealth and income profile. It also reflects a low debt burden and a slightly above average pension liability
“Throughout my administration, I have been committed to maintaining a cash reserve balance of 22 to 25 percent of our operating budget,” said County Executive Larry Walsh. “This has enabled the county to receive favorable rates when bonding for our capital projects which contributes to our financial health.”
Moody’s reported the county’s cash balance as a percentage of operating revenues is stronger than the United States’ median. The economy and tax bases are healthy and the median family income is higher than the national average, which are key factors in the county’s high rating. Moody’s also noted the county’s key industry sectors are retail trade, health services, and manufacturing.
“We have worked hard with our business community to keep Will County competitive in attracting new industries,” said Denise Winfrey, Will County Board Speaker. “This positive financial report is reflective of our efforts.”
“Will County’s low unemployment rate also contributes to our economic strength,” Walsh added. “I am proud Will County is able to meet its debt obligations and continue to provide excellent services for our residents.”
Will County is currently the fourth most populated county in Illinois with 692,661 residents and is expected to exceed 700,000 in the next few years.