Guilford's Bond Rating: AAA All The Way

GUILFORD, CT — Credit rating and bond agency Fitch will be extending the town's AAA rating, the highest possible town assessment.

First Selectman Matt Hoey said that during a "ratings call" with Fitch and town finance director Maryjane Malavasi, "I am pleased to report that they will be re-affirming our AAA rating, Fitch’s highest municipal rating. This positions our upcoming bond issuance favorably and drives our interest costs down."

According to Fitch, the AAA rating reflects Guilford's highest gap-closing capacity, sound revenue framework, and solid operating performance. A wealthy property tax base and manageable expenditure growth contribute to the town's strong financial profile. Fitch expects long-term liabilities to remain low based on manageable capital needs and well-funded pension plans.

As a result of obtaining these ratings, Guilford taxpayers can expect to receive the best interest rates available in the market when the Town issues bonds to finance capital projects in the upcoming weeks.

In its report Fitch concluded that “the town is well positioned to manage the challenges associated with the current pandemic related economic downturn while maintaining the highest degree of financial and budgetary resilience. The town's unlimited revenue raising ability and solid control over expenditures provide for a superior level of inherent budget flexibility. In addition, Guilford's financial profile has strengthened, as evidenced by consistent surplus operating results and growing reserve levels, over the past eight years.

Renters, Some Mortgage Holders, COVID-Related Assistance

In his regular update to the community since the coronavirus pandemic began, Hoey also noted that the state and CT Housing Finance Authority have launched two new programs to assist both renters and moderate and low income mortgage holders who have been impacted by COVID-19. A call center has been established to provide more information regarding program eligibility and the application process.

The number to call is 1-860-785-3111. Information is also available on town’s website and on the following websites: https://www.chfa.org for mortgage holders, and https://portal.ct.gov/doh for renters.