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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Moody’s gives Aaa rating to Greenwich’s $40M general obligation bonds

The town of Greenwich has received a Aaa rating from Moody’s Investors Service for its $40 million general obligation bonds issue of 2018. The ratings service also issued an MIG 1 (Moody’s investment grade) to Greenwich’s $65 million general obligation bond  anticipation notes of 2018.

The MIG 1 rating incorporates the town’s strong long-term fundamental credit profile, ample liquidity and frequent issuance of bonds and notes.

Moody’s affirmed the Aaa rating on Greenwich’s outstanding general obligation debt, adding that it considered the town’s outlook to be “stable.”

According to Moody’s, “The stable outlook reflects the desirable coastal location, with unusually strong property values and resident wealth. Greenwich’s financial position will likely remain healthy over the long term, given the town’s historically stable operations and management’s strong commitment to maintenance of sound reserves and liquidity.”