TRIPLE-A BOND RATINGS AGAIN
The city of Norwalk is on solid fiscal footing in advance of a $30 million bond sale to fuel city and school capital projects.
And for some time thereafter.
Mayor Harry Rilling announced Thursday afternoon that Norwalk had received confirmation that Moody’s Investors Service, S&P Global Ratings and Fitch Ratings each had reaffirmed the city’s “triple-A” bond rating with a stable outlook.
“I am thrilled Norwalk has once again achieved a top credit rating, which not only saves taxpayers money but allows us to continue investing in the future of Nor- walk,” Rilling said in a statement. “I hope all residents, employees, and elected and appointed officials take pride in our superior credit, which is being put to good use as we invest in important projects like city infrastructure, urban renewal, facilities, and schools.”
On July 18, the city plans to move forward with a $30 million bond sale to finance $18.4 million in school capital projects, nearly $11.1 million in city capital projects and $550,000 in renewal and redevelopment projects.
The Aaa rating from Moody’s and AAA ratings from Standard & Poor’s and Fitch represent the highest credit ratings awarded by each of the agencies.
Having “triple-A” credit ratings allows the city to borrow money at the lowest possible interest rates.
As a result of the ratings, the city and its taxpayers will save more than $600,000 in interest expenses over the course of the bond issuance compared to if the city had received a “double-A” rating, according to the Norwalk Department of Finance.