Press Release

Following a meeting with First Selectman Judy Neville and senior staff earlier this month, Moody's Investors Services has just reported that it has assigned its highest Aaa rating to the Town's $23 million General Obligation Bonds and, concurrently, it has affirmed the Aaa rating on all of the Town's outstanding debt. Moody's said that assignment of its highest quality rating reflects the Town's large tax base, sound financial operations, healthy reserve levels, and modest debt position. "Adding to the Town's strong financial position," Moody's reported, "is its over-funded pension plan, given management's prudent approach to funding and successful investment of pension funds"...."of additional note, management has demonstrated a proactive approach to addressing Other Post Employment Benefits (OPEB) liability."

Moody's also reported that it expects that the Town's overall debt position will remain modest, given its bond amortization schedule, phased-in borrowing needs, steady tax base growth, and continued practice of pay-as-you-go capital purchases and improvements. Referencing the Town's consistently strong financial position, Moody's said that "...it expects the Town to maintain sound financial operations given its healthy reserve levels, conservative budgeting practices, and strong current property tax collections."

First Selectman Neville said that she was most gratified that the Town's bonds have been judged to be of the highest quality, and carrying the smallest degree of investment risk. She noted that the Aaa rating carries with it significant economic benefits to the Town, and she thanked all those who have contributed to this achievement.