Cheshire Achieves AAA Credit Rating from Agencies

From Town Hall

The Town of Cheshire has achieved an “AAA” credit rating, the highest rating awarded, from both Standard and Poor’s and Fitch rating agencies.

The ratings were awarded after Town staff made in depth presentations to each agency last week in preparation for an upcoming bond sale.

The agencies cited Cheshire’s “strong financial position, “very strong budgetary flexibility,” “strong management,” “strong financial performance,” and “very strong institutional framework” within their rationales for this top ratings.

“It’s gratifying to have our financial strength and stability recognized, “ said Town Manager Michael A. Milone, “but more importantly, these ratings will help generate significant interest savings on our upcoming sale of $15 million General Obligation bonds and future bond sales and refundings.”

The upcoming bond sale will finance 40 capital projects including technology equipment, fire apparatus, pool facility, road reconstruction, drainage improvements, various school improvements, and building upgrades.

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