|
|||||||||||||||||||||||||||||||||||||||||||||||
|
In reports issued this week, Standard and Poor's assigned Stamford a AAA rating with a stable outlook. The report cited Stamford's strong economy, stable financial operations and performance, and moderate debt burden as factors in the rating. The analysts were especially pleased with the City's increasing "rainy day" fund, the movement of the Smith House into the general fund, and our financial strength. Moody's Investment Services assigned Stamford a Aaa rating with a stable outlook. They concurred with Standard and Poor's findings, and indicated they were impressed by the City's financial management team, well managed debt plan and strong economic activity. Both rating agencies encouraged the City of Stamford to establish formal policies and procedures regarding building financial reserves for the General Fund and Debt Service, The value of a triple-A rating is that it lowers the interest rate that the City pays on bonds that it issues. It also ensures that the City does not need bond insurance, which in this market is very expensive and adds to the cost of borrowing. In today's market the triple-A is extremely valuable, The ratings were solicited by the City in advance of a competitive sale of $88 million in bonds including permanent financing of $47 million in Bond Anticipation Notes sold last spring and $41 million in new bonds needed to support Stamford's capital improvements projects. "With our conservative financial operations and the activity in Stamford's economy, I was certain that our triple-A would be maintained," Mayor Malloy said. "Our extraordinary fiscal management by my Administration during a challenging economic climate ensured that we retained our triple-A rating, which we have earned every year of my tenure. This is significant for the citizens of our community because it allows us to make critical capital improvements at favorable interest rates." © Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: City's triple-A pays off in bond sale - May 13, 2008 - 3:57:04 PM Sen. Duff, Rep. Barry deliver mortgage relief - May 7, 2008 - 4:59:24 PM New exhibit at Fairfield Museum features WWII Poster Art - May 7, 2008 - 7:09:13 AM $35 million available for supportive housing - Apr 26, 2008 - 8:39:56 PM CURRENT HEADLINES: Top of Page
|
| |||||||||||||||||||||||||||||||||||||||||||||
