Milford, Connecticut – Triple AAA Bond Rating Announcement
PREMIER RATING AGENCY, FITCH, AWARDS HIGHEST CREDIT GRADE
Milford, Connecticut [Press Release] – Mayor Ben Blake announced that the nation’s premier rating agency, Fitch, upgraded Milford’s bond rating to ‘AAA,’ the highest possible credit grade a City can receive.
As a result of smart financial decisions and responsible management, Milford joins an elite group of municipalities, which includes Greenwich, Darien, and New Canaan in receiving the top-credit rating. This credit score demonstrates the City’s fiscal health and reveals how markets view Milford’s creditworthiness. More importantly, this notable evaluation exposes the City’s strong and growing economy.
Fitch’s rating recognizes that through strategic decisions and purposeful planning, Milford has cultivated its economic development and is now benefiting from a renaissance that’s unique in the State of Connecticut. “We’ve seen a 26% increase in companies moving to Milford over the past two years,” said Mayor Blake. “This explosion of new business growth has expanded our Grand List and helped us deliver this year’s historic tax cut which reduced taxes for all City residents and businesses.”
“This top credit rating is a testament to our conservative approach to budgets,” said Finance Director Peter Erodici. “I am very pleased with the progress the City has made to reach this superior level of fiscal responsibility.”
In assigning its highest level of credit quality, Fitch cited Milford’s strong management under Mayor Blake’s leadership and the City’s “sound financial cushion on the basis of its superior level of budgetary flexibility and history of careful financial management.” Moreover, the agency noted Milford’s “continued solid economic and revenue growth prospects, a low long-term liability burden and strong operating performance.” According to Fitch, the AAA rating was based on superior financial management, healthy reserves, low debt levels, well-funded retiree costs, and a history of successful access to the municipal bond market. Fitch also commended the City for its careful management of other post employment benefit liabilities.
“The AAA rating reflects Milford’s strong government, rocketing economy and remarkable community,” said Mayor Blake. “We will continue to exercise careful planning and prudent financial management to allow our City to thrive.”
Nice work, Ben!