Ahead of a planned bond issuance to support ongoing projects for its electric and water utilities, the city of Naperville has once again received the highest available bond ratings from two ratings agencies.
Standard & Poor’s Global Ratings and Moody’s Ratings gave the city AAA and Aaa ratings, respectively, for its general obligation bonds. The city, in a news release, called the ratings “a testament to Naperville’s healthy local economy and sound financial practices, including a low debt burden, strong cash reserves and stable pension funding.”
High bond ratings expected to lower cost of borrowing
As the city prepares to issue $40 million in new debt later this month, the highest-possible ratings are expected to play out in the city’s favor, by lowering interest rates and favorably affecting the cost of borrowing, officials said.
Moody’s report praised Naperville’s “growing economic base” and its strong finances as the second-largest local economy in Illinois. S&P also noted Naperville’s “high level of reserves; consistently stable financial operating results, with no immediate budgetary pressures; low debt; and a sophisticated and knowledgeable management team.”
Naperville ranks as top suburb for sales tax generation
Along with its top-notch bond ratings, Naperville also has retained its title as the top retail sales tax-generating community in Illinois, outside of Chicago, according to the 2026 Melaniphy Chicagoland Retail Sales Report. Naperville has achieved this designation since 2017, when it passed Schaumburg.
In 2025, Naperville recorded more than $5.7 billion in retail sales, making it the top suburb for “grocery, drinking and eating, home improvement, and auto dealer and gas purchases,” the city’s release said.
Naperville finances ‘set us up for success’
Mayor Scott Wehrli, in a news release, called the distinction as the state’s second-largest retail economy “a testament to our community leaders and planners of the past, who set us up for success today.”
He said the city’s financial stability and high bond ratings matter because they help keep costs down for residents.
“When businesses generate strong sales tax revenue, that money helps pay for city services, roads and public safety, so the burden doesn’t fall as heavily on homeowners through property taxes,” Wehrli said. “People want to live (in) and visit a community known for its financial stability, public safety and quality of life. Businesses want to open their doors here too, and when they do, they help keep Naperville affordable for the people who call it home.”
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