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News Jul 24, 2018 - 5:49:48 AM

City of Stamford’s Financial Strength and Sound Management Recognized by Rating Agencies with AAA Ratings

By City of Stamford

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STAMFORD, CT – Both Standard & Poor’s and Fitch have again affirmed their highest rating to the City of Stamford. In their reports, the City was recognized for its strong local economy, fiscal management, budgetary performance, and liquidity.

“Stamford has demonstrated a steadfast commitment to addressing its long-term liabilities,” said Barry Bernabe, managing director of Phoenix Advisors. “This serves to strengthen its long-term financial health and truly separates Stamford from the rest of the state.”

“We have made hard, and sometimes unpopular, decisions to ensure that the City remains on course to be financially-sound today and in the future. These AAA ratings are possible because of a consistent and determined focus on the City’s finances and long-term fiscal health. I would like to thank our Office of Administration, the City’s financial arm, for their ongoing efforts,” said Mayor David Martin.

It should be noted that the City’s AAA bond rating is higher than the ratings of the State of Connecticut and the U.S. Government. Standard & Poor’s commented that, “while the State continues to bear the adverse effects of a sluggish statewide economic recovery, Stamford has realized steady growth.” Both agencies highlighted the City’s proactive steps to prepare for the inevitable cuts as a result of the State’s perpetual failure to address its own long-term liabilities.

“Fiscal discipline and a commitment to protect both the short-term and the long-term financial health of the City is a driving force behind each and every decision we make in this administration. We have made tremendous progress and will remain committed to always putting taxpayers’ interests first,” stated Director of Administration Michael Handler.

In accordance with its prudent long-term capital plan, the City plans to issue bonds in the coming weeks.

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