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Wednesday, October 16 News

Fairfield completes successful bond sale, earns AAA rating again

FAIRFIELD — First Selectman Michael Tetreau announced Tuesday that the town has completed a successful bond and note sale. Tetreau also said that the nation’s top rating agencies have all reaffirmed the Fairfield’s AAA rating and stable outlook.

Tetreau was pleased with the town’s bond sale of $15,710,000 at 2.5 percent and a bond sale of $11,420,000 at 1.3 percent.

“The low interest rates achieved allow the town to fund essential projects at these low rates, saving Fairfield taxpayers a significant amount of money over the long term,” Tetreau said.

The AAA rating, which was reaffirmed by Fitch Ratings, Moody’s Investors, Service and S&P Global ratings, is the highest possible rating by these top agencies. According to Tetreau, Fairfield was one of only four Connecticut towns to earn this rating from all three agencies.

In their assessments, the rating agencies praised Fairfield’s financial policies and practices.

“Given Fairfield's strong economy and our view of management, we expect continued strong budgetary performance,” S&P Global Ratings wrote in their report.

Moody’s Investors noted that “Fairfield’s credit strengths include strong financial performance, solid conservative budgeting, long-term capital planning and long-term liability management.”

Fitch Ratings also lauded Fairfield’s expenditure management, moderate tax rate increases and conservative financial forecasting, as well as pointing out its “superior inherent budget flexibility, history of strong operating performance and budget controls.”

“Town employees work diligently to manage the town’s operations and finances to allow the town to optimize our debt issuance results,” said Chief Fiscal Officer Robert Mayer. “I would like to thank all our employees for their hard work, which makes these favorable results possible.”

rscharf@hearstmediact.com

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