Milford Receives Good Financial News

MILFORD, CT — Mayor Benjamin G. Blake announces that the nation’s premier rating agency, Fitch, reaffirmed Milford’s AAA bond rating, the highest possible credit grade a city can receive.

The AAA rating is based on low debt levels, well-funded retiree costs, superior financial management, healthy reserves, and a history of successful access to the municipal bond market.

This credit score demonstrates the City’s fiscal health and reveals how markets view Milford’s creditworthiness. More importantly, this notable evaluation exposes the City’s strong and growing economy.

"The AAA rating reflects Milford’s strong government, rocketing economy and remarkable community," said Blake. “We will continue to exercise careful planning and prudent financial management to allow our City to thrive.”

“This top credit rating is a testament to our conservative approach to budgets,” said Finance Director Peter Erodici. “I am very pleased with the City’s superior level of fiscal responsibility.”

In assigning its highest level of credit quality, Fitch cited Milford’s strong management under Mayor Blake’s leadership and the City’s “exceptional financial resilience given the strength of its fund balance, legal revenue raising power, and expenditure flexibility in relation to its revenue sensitivity through economic cycles.”

Moreover, the agency noted that Milford’s “financial results have been sound and stable,” and commended the “city’s efforts to control growth in its health care costs and fund an OPEB trust."