Good Fiscal News Comes Simsbury's Way

Town of Simsbury

SIMSBURY, CT — Simsbury officials recently received some good financial news, with the town receiving a top-level bond rating, meaning it has more financing power to fund a local school's reconstruction.

S&P Global Ratings has reaffirmed the town’s AAA bond rating and assigned its highest rating to Simsbury’s upcoming issuance of about $12.85 million in general obligation bonds, according to a Town of Simsbury release.

The proceeds of the bonding will fund the conclusion of the town’s school reconstruction project at Latimer Lane.

Along with assigning its highest rating, S&P indicated the town’s financial outlook is “stable.”

“This returns enormous value to residents and will help us obtain a competitive interest rate that
saves taxpayer dollars. The S&P report reflects the sustained commitment by the policy boards
and town staff to strong fiscal management, conservative budgeting, and best practices,” said Lisa Heavner, chairperson of the Simsbury Board of Finance.

In its rating report, S&P characterized the town as “strong” or “very strong” in all of its key credit
metrics, local officials said.

S&P highlighted Simsbury’s financial and economic strengths, including consistently
positive budget performance, low debt, and a strong tax base with active development.

The credit rating agency also indicated the town’s "very strong management, practices, and policies were contributing factors to the high rating and stable outlook for future performance."

Simsbury Town Manager Marc Nelson said “while ratings are largely of the finance world and provide the foundation for investor interest in municipal bonds, they also say to local residents, businesses, and potential developers that Simsbury is a well-run community.

"For that reason, I want to dedicate this outstanding rating to the town’s workforce – and say publicly – job well done,” Nelson said.