New Canaan’s highest elected official on Wednesday reported that Moody’s Investor Services has reaffirmed the town’s AAA credit rating, the highest possible rating.
First Selectman Rob Mallozzi said in a press release that New Canaan’s affluent tax base, manageable debt position, strong financial management and modest pension and OPEB liabilities contributed to the rating.
“I am delighted that Moody’s has once again recognized the strong financial management myself and our finance team has dedicated ourselves to and has reaffirmed its highest rating on New Canaan’s debt.”
Moody’s outlook “stems from the expectation that the Town Hall will continue to exhibit superior credit characteristics consistent with the current rating category.”
The agency also noted that “positive operations mark the fifth surplus in the last six fiscal years and were driven by conservative budgeting practices, as well as unbudgeted FEMA revenues and special education excess costs grants from the state.”
Mallozzi said that as the town goes next week into its $15.3 million offering, “we are reassured that this will allow the Town to be the beneficiary of strong demand and lower interest rates.”