OREANDA-NEWS. S&P Global Ratings raised its rating on Byron Forest Preserve District, Ill.'s general obligation (GO) debt one notch to 'A+' from 'A'. The outlook is stable.

The rating action reflects S&P Global Ratings' opinion of the district's consecutive general fund operating surpluses and increasing available reserves.

"We believe we will likely not change the rating over the two-year outlook period due to our expectation that the district will likely maintain stable general fund operations and sustain current reserves," said S&P Global Ratings credit analyst Andrew Truckenmiller. "However, we could raise the rating if the district were to continue to report strong positive general and enterprise funds results, resulting in a major improvement in available reserves. We could also lower the rating if the district were to report large deficits, resulting in a deterioration of already thin reserves."

The rating service believes the district's participation in the Rockford metropolitan area economy provides rating stability.

The district's unlimited-ad valorem-tax-GO-pledge secures the bonds.





B&B's senior unsecured debt ratings are sensitive to a change in the UK's sovereign rating or to a change in the conditions of the guarantee granted by the UK government to the bank's senior debt.

Fitch believes that timely payment under the guarantee is highly likely as non-payment of the guarantor would seriously tarnish the UK's reputation in this important area of public policy. Even if government policies in this area were to change, we believe the government would still honour the guarantee given the reputational implications of failing to do so.

The rating actions are as follows:

Senior long-term guaranteed notes, XS0281590488 EUR30m maturing February 2047: affirmed at 'AA'