Fairfield Gets AAA Bond Rating

FAIRFIELD, CT — Fairfield has received a AAA rating from Moody’s Investors Services and Fitch Ratings, according to a news release from the office of First Selectwoman Brenda Kupchick.

The rating enables the town to borrow money at a low rate, saving taxpayer dollars, the news release said. Moody’s specifically cited Fairfield’s “outstanding credit position” and that “the town’s economy and tax base are exceptionally healthy,” according to the news release.

The town's annual bond and note sale was held virtually Wednesday, with members of the bond committee, Selectwoman Nancy Lefkowitz, town Treasurer Chris Tymniak, as well as CFO Jared Schmitt. Long-term bonds in the amount of $28.4 million and short-term notes in the amount of $13.9 million were sold on the competitive market. Janney Montgomery Scott submitted the winning bid, with a record-low interest rate of 1.8 percent for the 20-year bonds, which will help to reduce interest costs for taxpayers in the future.

The proceeds from the issuance will provide funding for schools, general purposes and sewer improvements. There were several notable projects in the financing, including the Mill Hill School expansion, road paving and the Wastewater Treatment Plant Resiliency Project. The list of projects also included $1.4 million to help with the remediation of various sites that were contaminated by town fill in previous years.

“These are excellent results for the town," Matthew Spoerndle, from Phoenix Advisors, the town’s municipal adviser, said in the news release. "The number of bidders and exceptionally low rates is a testament to the town’s AAA rating and continued prudent financial management.”