Norwalk Gets AAA Bond Rating

NORWALK, CT — The three major credit rating agencies have given Norwalk the top mark triple-A bond rating that will help taxpayers save $600,000 on interest.

The city plans to sell $30 million worth of bonds for capital projects, school projects and urban renewal/redevelopment.

"I am thrilled Norwalk has once again achieved a top credit rating, which not only saves taxpayers money but allows us to continue investing in the future of Norwalk,” said Mayor Harry Rilling. “I hope all residents, employees, and elected and appointed officials take pride in our superior credit, which is being put to good use as we invest in important projects like city infrastructure, urban renewal, facilities, and schools.”

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Standard and Poor’s reports, “We view the city’s management as very strong, with ‘strong’ financial policies and practices under our FMA [Financial Management Assessment] methodology, indicating financial practices are strong, well embedded, and likely sustainable.” The agency goes on to say, “Norwalk’s budgetary performance is strong in our opinion” and that, “…we are unlikely to revise the rating during our two-year outlook period.”

Moody’s reports, “Norwalk's financial position will remain sound in the face of increasing debt service costs and state funding uncertainty given the city's long-term history of fiscal stability, budgetary flexibility, comprehensive financial planning and oversight, and formally adopted fiscal policies.

Fitch reports, “The 'AAA' IDR [Issuer Default Rating] and GO rating reflect Fitch's expectation for the city to maintain healthy financial flexibility throughout economic cycles, consistent with a history of strong operating performance and sound reserves. The city's strong financial profile reflects a wealthy property tax base, expenditure growth that has generally been in line with revenue growth and the city's demonstrated ability to reduce expenditures during economic downturns.”

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