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Moody's Investors Service has confirmed the Village of Northbrook, IL's Aaa general obligation unlimited tax rating. Concurrently, Moody's has assigned a Aaa issuer rating. The outlook has been revised to stable.
The Aaa issuer rating reflects the village's strong local economy, benefiting from robust resident income and wealth and its proximity to Chicago (Baa3 stable). The village financial profile is robust, characterized by substantial fund balance and available liquidity, material revenue raising flexibility as a home rule municipality and strong policies governing minimum reserve levels. Long-term leverage is above average but not expected to grow materially over the near-term given improved contribution practices for single employer pensions plans and a capital plan that depicts a rate of debt issuance similar to its current rate of principal retirement.
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