Fitch Bond Rating
Fitch Ratings-Chicago-January 23, 2003: Fitch Ratings
upgrades the Village of Wheeling, IL's general obligation debt
to "AA+" from "AA" and assigns a "AA+" rating to the
village's $4,595,000 general
obligation refunding bonds, series 2003, scheduled for competitive sale
on Jan. 27, 2003. Dated Feb. 1, 2003, the bonds mature serially
Dec. 15, 2003-2011 and pay semiannual interest commencing
June 15, 2003. The bonds are not subject to redemption
prior to maturity. Proceeds will advance refund a portion
of the Village's outstanding series 1995 and 1996 general
obligation bonds. The bonds represent a general obligation
of the village, payable form unlimited ad valorem tax
levied on all taxable property within the village. The
rating change also affects the village's $8.9 million of
outstanding general obligation debt..
The "AA+" upgrade reflects the Village of Wheeling's
increased economic diversification and stronger growth, reduced
debt needs, and improved financial flexibility. Recent
residential and commercial development continues to broaden the village's
economic base as the manufacturing sector diminishes. The addition of
several large retailers and an increase in the home rule sales
tax rate enhanced the village's sale tax base and
reduced its reliance on the property tax. Strong tax base
growth and spending controls have enabled Village administrators
to meet increased service demand while developing strong
reserves. The strength of financial resources should allow
the village to address its capital needs with modest additional
external borrowing, sustaining its low direct debt level.
(Text from Fitch Research - Press Releases - Jan. 23, 2003)
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The Village of Wheeling,
Illinois
255 West Dundee Road
Wheeling, IL 60090
(847) 459-2600
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