Credit agency upgrades Cook County’s bond rating to AA

Cook County officials announced Wednesday that Fitch Ratings has upgraded the county’s bond rating from AA- to AA, the third ratings upgrade in less than three years.

County Board President Toni Preckwinkle called the rating upgrade a recognition of the county’s work to create long-term fiscal stability and sustainability.

“These upgrades are the result of many years of thoughtful fiscal management and a testament to the hard work of our finance team,” she said in Wednesday’s announcement.

Fitch noted the upgrade to AA reflects the county serving as the economic and cultural center for the Midwest, its accumulation of sound reserves and its financial management efforts, officials said.

The AA rating is Fitch’s second-highest grade, according to the agency’s website, denoting expectations of very low default risk. It indicates that the recipient has a very strong capacity for payment of financial commitments and is not significantly vulnerable to foreseeable events.

The Fitch upgrade comes about 11 months after Moody’s upgraded the county’s rating from A2 to A1. The other major ratings service, Standard & Poor’s, gives the county an A+ rating. Both indicate the county as a stable financial outlook.

County officials noted that the improved ratings means the county is able to borrow at lower interest rates, providing savings to taxpayers.

“Receiving this upgrade for both our financial prudence and thoughtful budgeting shows we are heading in the right direction,” county Chief Financial Officer Tanya Anthony said.