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7/9/2019 - Fairfield’s Coveted AAA Rating Reaffirmed - Bond and Note Sales Successful

First Selectman Mike Tetreau is pleased to announce that the Town recently completed a bond sale of $15,710,000 at 2.5% and a ban sale of $11,420,000 at 1.3%.

First Selectman Tetreau also announced that the nation’s top rating agencies—Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings—have all reaffirmed the Town’s AAA rating and stable outlook status. The AAA rating is the highest possible rating given out by these agencies.

Key highlights of the Rating Agencies’ assessments on Fairfield include:

“Given Fairfield's strong economy and our view of management, we expect continued strong budgetary performance.” – S&P

“Very strong management, with strong financial policies and practices.” – S&P

“Fairfield’s credit strengths include strong financial performance, solid conservative budgeting, long-term capital planning and long-term liability management.” – Moody’s

“Careful expenditure management combined with moderate tax rate increases and conservative financial forecasting has led to growth in reserves following the recession.” – Fitch

“Superior inherent budget flexibility. History of strong operating performance and budget controls.” – Fitch

First Selectman Tetreau further stated, “Thanks to the Town’s fiscal prudence and sound financial management, Fairfield is one of only four Connecticut towns to earn the AAA rating from each of the nation’s top three rating agencies. I am also very pleased with the highly successful outcome of the bond and note sales. The low interest rates achieved allow the Town to fund essential projects at these low rates saving Fairfield taxpayers a significant amount of money over the long-term.”

Chief Fiscal Officer Robert Mayer said, “Town employees work diligently to manage the Town’s operations and finances to allow the Town to optimize our debt issuance results. I would like to thank all our employees for their hard work which makes these favorable results possible.”

Matthew Spoerndle, Senior Managing Director at Phoenix Advisors, LLC, said, “The combination of the Town’s strong AAA bond ratings, coupled with the fact that interest rates have declined significantly since October led to better than expected results. This was a great outcome for the Town!”

The photo shows l:r: Erick Russell of Pullman & Comley, LLC, Fairfield First Selectman Mike Tetreau, Frank Cleary of Pullman & Comley, Fairfield CFO Robert Mayer, Riley Green of Phoenix Advisors, LLC, Town Comptroller Caitlin Bosse and Matthew Spoerndle, Senior Managing Director at Phoenix Advisors, LLC.