Hamden's Negative Outlook Removed By Credit Rating Agency

Press release from Town of Hamden:

HAMDEN, CT — Credit rating agency Fitch has removed Hamden’s negative outlook, Mayor Lauren Garrett announced Thursday.

Fitch’s press release notes: “The revision of the Rating Outlook to Stable reflects improvement toward a structurally balanced budget, management's efforts to increase the debt service budget in accordance with a long-term plan to avoid budget shocks and improve liquidity, and projected improvement in reserves levels.”

You can read the full press release here.

Garrett said, “The decision by Fitch, a credit rating agency, to move Hamden’s outlook from negative to stable is an important affirmation that we have turned the corner and are headed in the right direction. We have created a structurally balanced budget for the first time in many years and by creating a capital reserve account, we are reducing our need to borrow.”

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