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August 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Two agencies reaffirm Stamford’s AAA rating

Both Standard & Poor’s and Fitch have again affirmed their highest rating to the City of Stamford, citing its strong local economy, fiscal management, budgetary performance and liquidity.

Stamford’s AAA bond rating is higher than those of the State of Connecticut and the U.S. government. “While the state continues to bear the adverse effects of a sluggish statewide economic recovery, Stamford has realized steady growth,” noted Standard & Poor’s.

“We have made hard – and sometimes unpopular – decisions to ensure that the city remains on course to be financially sound today and in the future,” said Mayor David Martin. “These AAA ratings are possible because of a consistent and determined focus on the city’s finances and long-term fiscal health.”

“Fiscal discipline and a commitment to protect both the short-term and the long-term financial health of the city is a driving force behind each and every decision we make in this administration,” said Director of Administration Michael Handler. “We have made tremendous progress and will remain committed to always putting taxpayers’ interests first.”

In accordance with its long-term capital plan, the city plans to issue bonds in the coming weeks.