West Hartford Touts High Bond Rating

Town of West Hartford

WEST HARTFORD, CT — A good credit score for the town translates into much-needed improvements and projects on the local community and school fronts, town officials said this week.

The Town of West Hartford Thursday announced the sale of $15 million in general obligation bonds to fund various capital improvement projects for both the town and school district.

Those include street safety improvements, storm-water management systems, and school security upgrades.

According to the town, West Hartford received 11 bids with the lowest bid having a True Interest Cost (TIC) of 3.02 percent, which town officials said was the best available rate at the time of sale and an indication of the town’s strong financial position and AAA status.

In preparation for this sale, Standard & Poor’s (S&P) recently assigned updated bond ratings to the town, with West Hartford’s “AAA” bond rating reaffirmed by S&P, a rating the town has held since 1974.

Local officials cited many reasons for the good rating.

“Our financial stability is significantly improved by fully funding our pension fund with Pension Obligation Bonds, stabilizing town pension contributions, and adding to our unrestricted reserves,” 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. West Hartford is unique to other highly-rated communities in its vibrancy, diversity, commitment to sustainability, and inclusivity.

"We have excellent public schools and outstanding public safety and we are repeatedly recognized as one of the best places in our state and country to live, work, and play."

“The AAA credit rating from Standard & Poor’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.

For more information on West Hartford's bond rating announcement, click on this link.