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North Riverside mayor cites Moody’s upgrade to Baa1, credits strong reserves and pension payments
Summary
Mayor Mengoni announced Moody’s upgraded the Village of North Riverside’s credit rating from Baa2 to Baa1, saying the change reflects the village’s strong reserves, economic metrics and consistent pension contributions.
Mayor Joseph Mengoni told the Board of Trustees that Moody’s has upgraded the Village of North Riverside’s credit rating from Baa2 to Baa1. "Moody’s cited strong reserves, solid economic metrics and consistent pension contributions," Mengoni said, characterizing the upgrade as confirmation of the village’s financial management.
The mayor also noted the rating change during his report to the board at the Jan. 20 meeting. The upgrade may affect borrowing costs and reflects the factors Moody’s listed; the Moody’s rationale was read aloud by the mayor as part of his update to trustees. No formal action was required by the board on the announcement.
