Stamford Earns AAA Bond Rating

STAMFORD, CT — Credit rating agencies Standard & Porr's and Fitch have given the City of Stamford the highest possible bond rating of AAA.

“This is a difficult fiscal environment for many municipalities and our State, so we are pleased to have this acknowledgement of our hard work,” said Mayor David Martin. “A AAA rating is only accomplished through consistent work and determined focus. I would like to thank the City’s Office of Administration, the Board of Finance, and the Board of Representatives for all of their collective support and recognition of the importance of the City’s financial integrity.”

The coveted bond rating is only given out to the highest-qualified municipalities and states and generally indicates finances are in order. It will allow Stamford to borrow at a lower rate than municipalities with lower ratings.

Stamford plans to issue bonds in the coming weeks and will refinance $50 million of debt, which should save about $2 million.

“The Mayor and I share a common vision of vibrancy, safety and prosperity for our City, all of which start with the fundamental foundation of responsible fiscal management. The decisions that we make are always designed around improving both our short-term and long-term financial health,” said Director of Administration Michael Handler.

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