Bellwood is pleased to announce that Standard & Poor’s has affirmed the village’s ‘A’ rating, with a stable long-term outlook. S&P highlighted the village’s track record of strong budgetary performance, growing fund balances and robust liquidity. S&P praised the village for its “multiyear trend of surpluses, highlighting improved operations in recent years,” also noting the village’s success in navigating through the unprecedented pressures caused by the COVID-19 pandemic.
Mayor Andre F. Harvey said, “This is a great day for the Village of Bellwood. To retain this ‘A’ rating despite the global pandemic is a testament to the hard work of our administration and staff.”
The village had sought the update of its credit rating in connection with its upcoming refinancing of its Series 2012 General Obligation Bonds, which will result in significant near-term savings for the village.
The positive rating outcome underscores the village’s demonstrated financial strength and strong budget management. S&P also cited the performance of the village’s Tax Increment Financing Districts that were re-established in recent years to generate strong year over year growth as well as factoring in various economic development projects that have helped redefine Bellwood as a major commercial player in the Western suburbs of Cook County and strengthened the village’s residential housing stock.
Under Mayor Harvey’s leadership, the village continues to make strides in growth and overall financial performance as it looks forward to continuing its success story for years to come.