S&P Affirms Branford's 'AAA' Bond Rating

BRANFORD, CT —S&P Global Ratings has affirmed Branford’s “AAA” bond rating, according to its report, noting a "stable outlook" to the town's $14.15 million series 2021 general obligation refunding bonds S&P noted that "Branford's full-faith-and-credit pledge, payable from the levy of an unlimited ad valorem tax on all taxable property within the town, secures the bonds."

Among the factors that led to the affirmation of the current AAA rating, the S&P Oct. 27 report points to:

• Very strong economy, with a significant number of economic projects, which should provide
  additional tax base growth.
• Good financial-management policies and practices, focusing on multiyear budget and capital forecasting.
• Consistently positive budgetary results support the continuance of very strong reserves and liquidity, reflecting strong management.
• Manageable debt despite accelerating debt repayment.

It was noted in a news release from the town that Branford's financial advisor, Mark Chapman, Managing Director at Munistat Services, Inc. of Madison, "praised the town’s fiscal practices ... which have "positioned the Town to prudently manage its future capital needs and retirement liabilities."

Branford's Finance Director Jim Finch said the town's "conservative budgets and economic growth ...are the foundation of this rating will allow us to continue to make improvements to the town’s public infrastructure while keeping debt service levels low."

First Selectman Jamie Cosgrove gave credit to Finch and the town's finance board.

“Under the steady hand of Finance Director Jim Finch and our Board of Finance, we have been able to secure this strong endorsement of our fiscal approach,” Cosgrove said.

Read the full summary report here:

Ratings Summary Branford GO... by Ellyn Santiago

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