KANKAKEE, IL — Global credit risk and financial assessment leader, Moody’s, has once again upgraded the county’s bond rating.
This latest upgrade marks the fourth consecutive increase, affirming the county’s commitment to sound financial policies and sustainable debt reduction.
The recent boost from Baa1 to A3, classified as “prime-1,” firmly places Kankakee County within the esteemed “A” status. The bond rating functions as a vital indicator of the county’s financial health and planning, directly influencing interest rates for bonds and other funding mechanisms. Kankakee County’s remarkable ascent of six levels since 2019, from “junk” to “investment” grade, highlights its impressive financial turnaround.
Kankakee County Board Chairman Andy Wheeler expressed pride in the county’s fiscal conservatism, which has garnered independent validation of its debt reduction efforts and lowered property tax rates. Wheeler emphasized the County Board’s dedication to addressing taxpayer concerns, stating, “Our focus now lies in eliminating entire lines from property tax bills permanently, providing substantial relief to our taxpayers.”
Moody’s rating history for Kankakee County reveals a notable journey of ups and downs:
- 2013: Downgraded from A1 to Baa1
- 2014: Downgraded from Baa1 to Baa3
- 2015: Downgraded from Baa3 to Ba3
- 2016: Implementation of financial reforms by the current administration
- 2019: Upgraded from Ba3 to Ba2
- 2021: Upgraded from Ba2 to Baa3
- 2022: Upgraded from Baa3 to Baa1
- 2023: Upgraded from Baa1 to A3
Chairman Wheeler highlighted an interesting aspect of this year’s rating—an absence of an outlook. Moody’s reviewing team attributed this positive development to the county’s minimal debt, a clear indicator of Kankakee County’s financial stability.
To learn more visit their official website at https://www.k3county.net/.
