TRIPLE-A BOND RATINGS AGAIN

The Norwalk Hour - - NEWS - —rkoch@hearst­medi­act.com

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.

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