McHenry County once again received the top Aaa bond rating by Moody’s Investors Service, one of the three major bond rating agencies, it announced in a news release.
The Aaa bond rating – the highest possible rating that can be assigned to general obligation bonds – allows McHenry County government to borrow at a lower interest rate, according to the release.
McHenry County is one of only three county governments in Illinois, and only 107 nationwide, to have the top bond rating, the county said, citing Moody’s.
“McHenry County has a long and proud history of fiscal responsibility and accountability to our residents,” said County Board Chairman Mike Buehler, R-Crystal Lake. who was elected to the role in November.
”When the COVID-19 pandemic struck, we were able to weather the storm and extend a hand to assist our businesses that were struggling under restrictions by waiving fees,” he continued. “Now, we will ‘pay it forward’ by sending the majority of McHenry County’s $59.7 million of American Rescue Plan Act funds to our residents and business owners so they can get back on their feet.”
Moody’s first awarded McHenry County the Aaa bond rating in 2010 after the county identified getting the top rating as an organizational goal in the early 2000s, according to the release.
“It speaks volumes about our sound, forward-thinking fiscal policy that we not only weathered a once-in-a-century pandemic, but also kept our Aaa bond rating,” said County Board member Mike Skala, R-Huntley, who serves as the Finance and Audit Committee chairman. “While the County Board approves the budget and sets fiscal policy, we couldn’t have done this without our talented and dedicated county staff that every year seeks out ways to do things more efficiently for less money.”