Standard & Poor announced last week that the bond rating of AA was given to the town of Cicero after reviewing the town’s 2016 financials.
In February of 2004, the town’s bond rating from Moody’s Investment Service fell to Caa1 after the town defaulted on the Cicero Local Development Corporation bond payment. Throughout the past 12 years the town has worked to increase its fiscal stability with the bond investment market. This bond rating will give Cicero Town Supervisor Mark Venesky and the town board members the tool to restore their capabilities of obtaining better proposals within the bond market.
“We have worked very hard for this rating and this report is a huge accomplishment,” Venesky said. “This gives us a secure outlook on future planning and opportunities. More good news for the residents here in the town of Cicero.”
A bond rating of AA is considered high grade for investment purposes.
