Amid Positive Bond Rating, Danbury Announces Major Bond Sale

DANBURY, CT — Danbury Mayor Roberto Alves announced Tuesday that the city has completed the sale of nearly $200 million in general obligation bonds and notes following the reaffirmation of its AA+ bond rating.

The city sold $60,130,000 in general obligation bonds and $139,605,000 in notes after both Fitch Ratings and S&P Global Ratings reaffirmed Danbury’s AA+ rating.

The notes were purchased by J.P. Morgan Securities LLC with a net interest cost of 2.204%.

The bonds were purchased by Fifth Third Securities with a true interest cost of 3.204%.

City officials said both sales were completed at interest rates below recent comparable municipal market levels and lower than Danbury’s February 2025 bond and note sale.

They said this reflects continued investor confidence in the city’s financial management and long-term stability.

“This is a win for Danbury,” Alves said. “Not only have we maintained our strong financial position, but we’ve also continued to see strong results in our bond and note sales. This reflects the hard work of our finance team, who have helped stabilize our financial operations, put our audits back on track, and continue to position the City for success.”

Proceeds will fund capital projects including school facility upgrades, infrastructure improvements and water and sewer system enhancements.

Several projects have been approved for state reimbursement, including Danbury High School-West, which will be reimbursed at 80%, according to city officials.

“While this progress is important, our work continues,” Alves said. “We remain focused on strengthening Danbury’s financial standing and ensuring we continue making smart investments that benefit residents now and long into the future.”

In its 2026 report, Fitch cited Danbury’s economic and business strength and its role as a regional employer and economic center.

Matt Spoerndle, senior managing director at Phoenix Advisors and the city’s financial consultant since 2000, said the sale demonstrates market confidence.

“The results from this week’s sale send a clear message that Danbury’s financial position is strong,” Spoerndle said. “In the past two years, the Rating Agencies and Wall Street investment banks have affirmed their confidence in the City’s leadership, financial management, and the responsible trajectory it’s on.”