In a rating released January 24, 2008, Standard & Poor's raised the Village of Pleasant Prairie's long-term credit rating from A+ to AA-. According to the company's release, the ratings were raised "due to consistently solid financial operations." The analysis expanded on the rationale of the improved rating by stating that it reflects the Village's: involvement in the Chicago and Milwaukee regional economies; "above-average wealth and income levels;" and ongoing growth within the tax incremental district.
Standard & Poor's is an international credit rating organization that has been assigning municipal bond ratings since 1940 but whose history dates back even earlier. The company assigns credit ratings from D (on the low end of the performance spectrum) to AAA. Pleasant Prairie's improved rating of AA- indicates that the Village's ability to repay its financial commitments is "extremely strong" and varies "by only a small degree" from the AAA rating, according to the company's rating definitions.
The improved credit rating will help the Village secure bonds at a lower interest rate tier. It will also provide an added draw for businesses considering relocating in Pleasant Prairie. "The boost in our Standard & Poor's rating will definitely be a plus as we move forward with our plans in the next few years," commented Village Administrator Mike Pollocoff. "It's nice to see an extra assurance that all of the planning and hard work has added to the strength and financial security of the Village."
Visit standardandpoors.com for more information about the organization and their recent ratings.