First Selectman Mike Tetreau is pleased to announce that on June 28, 2018, the Town successfully issued a bond sale of $17,025,000 at 2.94 % and a ban sale of $7,410,000 at 1.64%.
First Selectman Tetreau also announced that the nation’s top rating agencies—Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings—have reaffirmed the Town’s AAA rating and stable outlook status.
Key highlights of the Rating Agencies’ assessments on Fairfield include:
- “Very strong management” - S&P
- “History of strong operating performance” - Moody’s
- “The bond ratings reflect expectation for Fairfield to maintain healthy financial flexibility throughout economic cycles, consistent with a strong operating performance and budget controls.”- Fitch
- “Careful expenditure management combined with moderate tax rate increases and conservative financial forecasting has led to growth in reserves.” - Fitch
- “Strong budgetary flexibility and very strong debt and contingent liability
- position” - S&P
First Selectman Tetreau further noted, “Fairfield is one of only four Connecticut towns with AAA ratings from all the nation’s top three rating agencies. I am delighted with the highly successful outcome of the bond and note sales. The low interest rates that we have achieved speak to the Town’s fiscal prudence and sound financial management and allows for funding essential projects at these low rates which save Fairfield taxpayers a significant amount of money over the long term.”
Chief Fiscal Officer Robert Mayer stated, “Given current market conditions, our sale was very successful. I would also like to note S&P upgraded the Town’s Financial Management Assessment (FMA) rating to the highest score S&P gives. Only approximately one-third of the AAA rated towns in Connecticut have S&P’s highest FMA rating. I would like thank my staff for their diligence and hard work which led to this significant achievement.”
Matthew Spoerndle, Senior Managing Director at Phoenix Advisors, LLC, said, “The outstanding results of the sales directly reflect, among other factors, the strength of the Town’s financial position. In particular, the strength of the town’s financial management has made it easy for the rating agencies to maintain their highest ratings (AAA) on the Town.”