Fitch Affirms Lake Zurich CUSD #95, IL GOs at ‘AA+’; Outlook Stable
NEW YORK–()–Fitch Ratings affirms the following rating on Lake Zurich Community Unit
School District (CUSD) No. 95, IL’s (the district) general obligation
(GO) bonds:
–$40.46 million school building GO bonds, series 2000B at ‘AA+’.
The Rating Outlook is Stable.
SECURITY
The bonds are secured by the county’s full faith and credit and ad
valorem taxing power, without limitation as to rate or amount.
KEY RATING DRIVERS
STRONG RESERVES; POSITIVE OPERATING MARGINS: The district has managed to
maintain strong positive operating margins over the past six years and
achieved formidable reserve levels to offset unexpected financial
pressures.
PRUDENT MANAGEMENT: Management has prudent policies, budgets
conservatively, and conducts multi-year forecasting, allowing the
district to comfortably manage state-imposed property tax levy
limitations.
AFFLUENT ECONOMY: The district’s economy is affluent, with a sizable
taxable value and above-average wealth and income levels.
AVERAGE DEBT PROFILE: Debt levels are average, benefiting from
pay-as-you-go (paygo) financing and full payout in ten years. Pension
and other post-employment benefit costs are currently minimal.
SECURITY
The bonds are general obligations of the district and secured by the
district’s full faith and credit and unlimited taxing authority.
CREDIT PROFILE
The district, with a population of 33,010, is located in Lake County, 37
miles northwest of downtown Chicago. The district serves K-12 students
of the affluent communities of Lake Zurich, Deer Park, Hawthorn Woods,
Kildeer and North Barrington.
Article source: PRNewswire
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