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Norwalk again granted ‘Triple A’

Norwalk Mayor Harry Rilling.

NORWALK, Conn. — Norwalk has retained its “Triple A” bond rating, a press release from the City said.

Moody’s Investors Service, S&P Global Ratings, and Fitch Ratings each have reaffirmed Norwalk’s top-level rating and stable outlook, the release said, explaining that the City sought the ratings in advance of the $30 million bond sale planned for July 18.

“The Aaa rating from Moody’s and the AAA ratings from Standard & Poor’s and Fitch represent the highest ratings awarded by each of these agencies,” the release said. “… As a result of this top credit rating, the city will save more than $600,000 in interest expense, compared to the rates that the city would achieve if it held a lower ‘double A’ rating.”

“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 Norwalk,” Mayor Harry Rilling is quoted as saying in the release. “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.”

The bond sale will finance $11,050,000 in city capital projects; $18,400,000 in school projects; and $550,000 for urban renewal/redevelopment projects, the release explained.

Excerpts from the ratings reports:

  • “We view the city’s management as very strong, with ‘strong’ financial policies and practices under our FMA [Financial Management Assessment] methodology, indicating financial practices are strong, well embedded, and likely sustainable… Norwalk’s budgetary performance is strong in our opinion” and that, “…we are unlikely to revise the rating during our two-year outlook period” – Standard and Poor’s
  • “Norwalk’s financial position will remain sound in the face of increasing debt service costs and state funding uncertainty given the city’s long-term history of fiscal stability, budgetary flexibility, comprehensive financial planning and oversight, and formally adopted fiscal policies” – Moody’s
  • “The ‘AAA’ IDR [Issuer Default Rating] and GO rating reflect Fitch’s expectation for the city to maintain healthy financial flexibility throughout economic cycles, consistent with a history of strong operating performance and sound reserves. The city’s strong financial profile reflects a wealthy property tax base, expenditure growth that has generally been in line with revenue growth and the city’s demonstrated ability to reduce expenditures during economic downturns” – Fitch

2 comments

EnoPride July 18, 2018 at 1:13 am

AAA rating again… Hurraaay!! Mayor Rilling, before you pop the cork, can you and the Common Council please promise to make more of a concerted effort in the future to allocate more of that money that you have so proudly saved toward the resources/manpower that your schools desperately need (it is heartbreaking watching these administrators/educators basically constantly begging and pleading year after year, being put in an adversarial position, sometimes afraid to speak out for what they need for fear of being placed on the naughty list) instead of toward inflated, not always but quite often unwarranted city salaries? No offense, but do that many police officers and firemen in Norwalk need $200,000 plus salaries with steady increases year after year? A while back, I saw a meeting where several police vehicles were being signed off on for $45,000 a pop by the Common Council with out blinking, yet teachers and principals are scrapping to get the adequate educational materials (a fraction of the price of these expensive vehicles), and in many cases, bodies,for their classrooms, and quite often do not get covered. And do teachers with “meh” reputations warrant $100,000 plus and growing if they are not performing exceptionally and displaying results? Can individual, performance based raises be implemented for fairly deserved compensation instead of continuing to reward poor, lackluster performance with obligatory, contractual increases? You would save lots of money… On a separate note, can our streets finally get the new sidewalks that we were promised in 2006 that we would get for sure by 2008? We are still waiting for those sidewalks… going on 10 + years now! The Millennials moving in are not loving heaving their baby strollers up over the blighted, uneven, cratered and sometimes chasmed, essentially unnavigable sidewalks!!! Unacceptable. And City Hall wants a walkable, bikeable, multimodal Norwalk! Ughhh!!!

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