West Hartford Rejoices Over Its Fiscal Bond Ratings

WEST HARTFORD, CT – Local officials Friday were celebrating the recent unveiling of the town's top bond rating, a situation that will help it fund several key project in West Hartford.

The town announced the sale of $15 million in general obligation bonds to fund a variety of capital improvement projects for the town and schools, according to a statement from local officials.

Among the items getting funded include street safety improvements, storm-water management systems and school security upgrades. T

The Town received 16 bids with the lowest bid having a True Interest Cost (TIC) of 3.04 percent, which town officials said was the best rate at the time of sale and an "excellent indication of the town’s strong financial position and AAA status," wrote the town.

Standard & Poor’s as well as Moody’s Investors Services recently assigned updated bond ratings to the town.

West Hartford’s “AAA” bond rating was reaffirmed by S&P, a rating it has held since 1974.

Moody’s Investors Service, assigned an Aa1 issuer rating to the town following a review that was initiated in November 2022.

Moody’s said the town’s general fund balance ratio is 9.2 percent, which is lower than the 15 percent Moody’s now requires “Aaa” communities to maintain.
West Hartford's council last week unanimously adopted a resolution mandating that 16 percent of municipal spending be included in the surplus, a move in response to Moody's.

Local officials were pleased with the fiscal news.

“West Hartford has been the recipient of the highest credit ratings from both Standard & Poor’s and Moody’s for many decades. A distinction that reflects the Town’s strong fiscal management and strong year over year financial positions,” said West Hartford Mayor Shari Cantor. “We have a historically high and robust fund balance and with our new fund balance policy we can build on the fund balance without further taxing our residents to do so.”

“The AAA credit rating from Standard & Poor’s and the Aa1 credit rating Moody’s reflects our vibrant and growing economy and, conservative financial strategies, and will allow us to reinvest in our community with a variety of capital projects,” said West Hartford Town Manager Rick Ledwith.

From Feb. 22: 'West Hartford Council Increases Mandate For Saving Surplus Funds'