Hamden’s Bond Rating Upgraded By Moody's

Press release from Town of Hamden:

HAMDEN, CT — Mayor Lauren Garrett announced Monday that a second bond rating agency, Moody’s Ratings (Moody’s), has improved Hamden’s rating from Baa3 to Baa2, and further changed Hamden’s outlook from stable to positive. Moody’s is an independent bond rating agency that evaluates our budgets, audits, performance, economic drivers, and long-term liabilities to rate our debt and ability to repay investors.

In 2022, Moody’s changed Hamden’s outlook from negative to stable (click here to read the full report from Moody’s).

Moody’s 2024 report notes: “Governance is a key credit driver as management has sought to further institutionalize its financial improvement with the adoption of new financial policies and procedures, the first in 30 years, along with more robust long-term planning.”

“The rating also incorporates Moody's view of the town's economy, which will continue to be highlighted by strong resident income, moderate growth and generally stable population,” Moody’s report further states.

Moody’s report continues: “The positive outlook reflects Moody's expectation that the town will continue to produce structurally balanced general fund operations while reducing deficits within its nonmajor funds.”

Click here to read the full report.

“Two ratings agencies now see the positive steps we have made in stabilizing our finances," Garrett said. "These ratings increases are evidence of transformational improvements to our fiscal health. Additionally, Moody’s assigned a positive outlook meaning there is room for continued ratings increases as we continue to produce structurally balanced budgets.”

This press release was produced by Town of Hamden. The views expressed here are the author’s own.