Summary: Naperville, Illinois; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Naperville, Ill.'s $6.590 million series 2022A general obligation (GO) bonds. S&P Global Ratings also affirmed its 'AAA' long-term rating on the city's existing GO debt. The outlook is stable. The city's unlimited-tax GO pledge secures the series 2022 bonds and rated debt. Naperville will use the bond proceeds to fund water metering infrastructure projects. Although they are not pledged, the city intends to repay the bonds with water utility revenues. Naperville's GO debt is eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, "Ratings Above The Sovereign: Corporate And Government Ratings—Methodology And Assumptions,"

...S&P Global Ratings assigned its '###' long-term rating to Naperville, Ill.'s $6.590 million series 2022A general obligation (GO) bonds. S&P Global Ratings also affirmed its '###' long-term rating on the city's existing GO debt. The outlook is stable. The city's unlimited-tax GO pledge secures the series 2022 bonds and rated debt. Naperville will use the bond proceeds to fund water metering infrastructure projects. Although they are not pledged, the city intends to repay the bonds with water utility revenues. Naperville's GO debt is eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, we consider U.S. local governments to have moderate sensitivity to national risk. The city's ad valorem tax pledge is the primary source of debt security, which severely limits...

Summary