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Waukegan CUSD 60 credit rating raised to A+ by S&P, district cites stronger finances
Summary
Waukegan Community Unit School District 60 said S&P Global Ratings upgraded its long-term rating from A to A+ with a stable outlook, the first upgrade in a decade. District officials said the change should lower future borrowing costs and increase financial flexibility for reinvestment in student programs.
Waukegan Community Unit School District 60 said it received a long-term credit rating upgrade from S&P Global Ratings, moving from an A to an A+ with a stable outlook, the district announced Jan. 6.
The upgrade, the first time the district’s rating has improved in a decade, ‘‘enhances our district’s financial flexibility and positions it to reduce future borrowing costs, allowing for greater reinvestments in key initiatives that benefit students and the community,’’ said Nico Salazarakis, director of communications for Waukegan Public Schools.
The district attributed the upgrade to the work of its finance team and ‘‘responsible resource allocation,’’ Salazarakis said. An improved bond rating generally lowers interest expenses on future debt issues; the district did not provide a specific estimate of projected savings or reference any imminent bond offerings.
Waukegan Public Schools did not identify any immediate spending changes tied to the upgrade. The district said the rating improvement ‘‘positions it to reduce future borrowing costs,’’ but did not specify planned projects or timelines for reinvestment.
Nico Salazarakis delivered the announcement as part of the district’s weekly communications update. For additional details about the rating or district finances, Salazarakis directed stakeholders to district finance staff and the district website.
