Martin touts city’s bond rating and economy

STAMFORD — A pair of credit rating agencies reaffirmed Stamford’s AAA bond rating as the city looks to issue $34.5 million in general obligation bonds this month.

Both S&P Global Ratings and Fitch Ratings assigned Stamford a AAA rating — the highest a city can get, according to a release from Mayor David Martin’s office.

Among other factors, S&P highlighted the city’s “good financial policies and practices” and its “very strong economy and wealthy tax base.”

“We believe the city’s ongoing developments will continue to expand its tax base and provide additional revenue-raising flexibility over time,” the agency said in its rating report.

S&P noted that the city’s market value grew 1.5 percent to $31.4 billion over the past year. Before the pandemic, more than 3,100 residential units were either under construction or had received approval to start construction. In terms of commercial property, the city has nearly 16.5 million square feet of it, with 1.2 million or so square feet of leasing activity.

Last year, the COVID-19 pandemic prompted the Board of Finance to lower revenue projections for the city, which resulted in major cuts to the proposed budget. The board also chose to not raise taxes.

But revenues ended up being much higher than assumed, Fitch said, citing early results. Stamford is now anticipating a surplus of more than $10 million.

Martin is up for reelection this year and has touted the city’s economic growth as part of his campaign.