Madison Given Above-Average Bond Rating by Global Rating Agency

Madison received an above-average bond rating for its $32.9 million general obligations bonds, Fitch Ratings of New York affirmed on Thursday.

Sound financial management, low debt levels and above-average wealth levels were among the key drivers for the town’s AAA rating.

According to the New Haven Register, First Selectman Fillmore McPherson said the town was extremely pleased that the solid management of town finances was being recognized.

The rating means the town will receive lower interest rates if it borrows money for major projects.

According to the Register, towns must be rated by one of three agencies to issues bonds. These agencies include Fitch, Moody’s Investors Service and Standard and Poor’s, McPherson told the paper. Two years ago, both Moody’s and Fitch gave the town an AAA rating.

McPherson told the Register that nine of the 169 municipalities in the state had an AAA rating as of last January.

Read the full story at the New Haven Register.

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