Cook County Receives Bond Rating Upgrade from Moody's Investors Service
Cook County Board President Toni Preckwinkle today applauded Moody's Investors Service upgrading Cook County’s bond rating from A2 to A1. This marks the second ratings upgrade in less than two years.
“We are incredibly proud of Moody’s Investors Service’s decision today to upgrade Cook County’s bond rating from A2 to A1. This step shows once again that we are on the right track and our efforts to create long-term fiscal stability are being rightfully recognized,” said President Preckwinkle. “Today’s recognition is proof of concept that local governments can both invest in our communities and remain responsible stewards of our residents’ tax dollars.”
Moody’s noted the upgrade to A1 reflects the County’s accumulation of sound reserves and considers pension reform legislation recently signed by Governor JB Pritzker. Improved financial operations have been driven by a willingness and ability to raise revenue, robust growth in sales tax receipts, operational improvements and an influx of federal aid.
“We appreciate Moody’s acknowledging our sound fiscal management, work to increase reserves and passage of landmark pension funding reforms,” added President Preckwinkle. “Despite the pandemic and numerous economic challenges, we have now received three outlook upgrades and two ratings upgrades in the last two years. I want to thank my finance team for all they have done to make this possible. This is the result of years of hard work and excellent news for the County.”
Fitch Ratings last month revised Cook County’s outlook from stable to positive also noting the County’s work to increase reserves, financial management efforts and the importance of new pension reforms. This followed a ratings upgrade by Fitch in November 2021.
Cook County continues to receive investment grade ratings from all the major rating agencies, which in turns allows the County to get lower borrowing rates on its bonds.