Trumbull Keeps AA+ Bond Rating

TRUMBULL, CT—Fitch Financial ratings reaffirmed Trumbull's bond rating of AA+, just one step away from the highly-coveted AAA rating.

Fitch noted that Trumbull's economy has grown and its pension and benefit liabilities are managed well.

"Reserves have been steadily maintained at or near the town’s formal fund balance policy at 10% of spending," Fitch said in its report. "The town has made important pension progress by budgeting for full actuarially-calculated contributions and implementing benefit structure changes to curtail the growth of this liability.”

Fiscal year 2016 was the first time the town funded 100 percent of its annual required contribution for pension benefits.

“Trumbull is receiving a lot of good news lately and this latest news from the financial rating agencies further proves that Trumbull is moving in the right direction. If we continue to stay the course, I have every confidence that Trumbull will soon reach a AAA credit rating,” stated First Selectman Tim Herbst.

Fitch also noted that the town had budget surpluses in five of the last six budgets and was able to reduce the tax rate.

“We are very proud and excited that the rating agencies continue to reaffirm our strong credit rating and all that we have accomplished to fix our pension fund, grow our Grand List and maintain a healthy rainy day fund,” stated Finance Director Maria T. Pires. “This good news confirms that we need to keep doing what we are doing to achieve a AAA credit rating.”