Norwalk Achieves Top-Tier Bond Rating

Information via the city of Norwalk

NORWALK, CT — Mayor Harry Rilling recently announced the city has received confirmation that the major rating agencies Moody's Investors Service and S&P Global Ratings have reaffirmed the Norwalk's "AAA" bond rating with a stable outlook.

According to a news release provided by the city, the "AAA" ratings from these major credit rating agencies represent the highest possible ratings that can be awarded at the municipal level.

The "AAA" ratings were assigned before the city's bond sale scheduled for Sept. 3, where the following will be priced, according to city officials:

• $70 million par value General Obligation Bonds, Issue of 2024.
• $15 million par value General Obligation Bond Anticipation Notes (BANs), Issue of 2024. (Short-term borrowing, while the state processes the City’s requests for grant funding).

"I'm happy to report that the major credit rating agencies have reaffirmed our 'AAA' bond rating, and that Norwalk has, once again, established itself as a financially responsible city," Rilling said in a news release. "Norwalk's track record of strong fiscal management, smart budgeting practices, and maintaining a solid Rainy Day Fund all contributed to our 'AAA' bond rating. Receiving a 'AAA' bond rating year after year helps us financially plan for the future by alerting investors that Norwalk is a responsible and financially stable city in which to invest."

The reports issued by the credit rating agencies present an in-depth, objective, and independent analysis of the city's financial operations and credit strength that measures the city's financial outlook and flexibility moving forward.

"The 'AAA' rating reflects many years of a commitment to the city's strong financial stewardship," Chief Financial Officer Jared Schmitt said in a news release. "This achievement underscores our ability to manage resources effectively, ensuring long-term stability and the capacity to continue making wise investments in projects throughout the city. Our finance team and our partners in all city departments remain dedicated to a standard of excellence in our service to the residents of Norwalk."

More information is available on the Moody's Investors Service and S&P Global Ratings websites.