(Norwalk, Conn.) Today, August 16, 2022, Norwalk Mayor Harry Rilling announced that the City of Norwalk received confirmation that all three major rating agencies, Moody's Investors Service, S&P Global Ratings and Fitch Ratings, have reaffirmed the City's 'AAA' bond rating with a stable outlook.
The 'AAA' ratings from these three 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 Thursday, August 18, where $90 million par value General Obligation Bonds, Issue of 2022 will be priced. Proceeds will be used to fund the City's capital projects.
"The City's bond rating reflects our team's ability to meet our commitments to strong fiscal management and smart budgeting practices," said Mayor Rilling. "Even in the face of unprecedented circumstances as a result of COVID-19, Norwalk proved that we are resilient due to our effective budgetary strategies and strong fiscal foundation. These practices allowed us to continue investing in essential community services and financially support struggling small businesses and non-profit organizations with minimal fiscal impact."
The reports issued by the three 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.
Fitch Ratings ('AAA') stated, "The 'AAA' … GO bond rating reflect Fitch's expectation that the City of Norwalk will maintain healthy financial flexibility throughout economic cycles, consistent with a history of strong operating performance and sound reserves."
Moody's Investors Service ('Aaa') stated, "The city has produced a stable financial profile steeped in consistent budget management practices that have generated a solid financial position highlighted by healthy cash and reserves."
S&P Global Ratings ('AAA') stated, "we believe the city's positive financial operations over the past several years and continued improved reserve position, which is nearly at 20% of expenditures, backed by very strong management conditions and manageable retirement costs and liabilities, provide additional rating stability."
For further information, please visit Moody's Investors Service, S&P Global Ratings and Fitch Ratings's websites.