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Improved Bond Rating, Refinancing Nets $2.8 Million in Savings

Waubonsee Community College has successfully refinanced $38 million of its outstanding debt, resulting in reduced debt service levy savings of $2.8 million for college district taxpayers. Waubonsee’s board of trustees authorized this process in August 2011 and the final transactions took place on Dec. 15, 2011.

An important component of the refinancing process was the extensive review of the college’s financial condition by Moody’s Investor’s Services (Moody’s). The result of this comprehensive review by Moody’s was the elevation of the college’s bond rating to Aa1, which is only one step from the coveted AAA rating. The combination of the college’s strong financial rating, the current interest rate environment and the board of trustee’s long-term financial stewardship all led to this successful refinancing.

Waubonsee has a long history of fiscal conservatism and strong financial management. Earlier this year, Waubonsee Community College received the Certificate of Achievement for Excellence in Financial Reporting award from the Government Finance Officers Association of the United States and Canada (GFOA) for the 12th consecutive year.