Standard & Poor’s (S&P) has assigned a AAA bond To Middletown

STANDARD & POOR’S ASSIGNS AAA BOND RATING TO THE CITY OF MIDDLETOWN FOR THE SIXTH YEAR IN A ROW!

Middletown, CT – Mayor Benjamin D. Florsheim is pleased to announce that Standard & Poor’s (S&P) has assigned a AAA bond rating to the City of Middletown for the sixth year in a row. This is the highest possible rating for a business or municipality, and reflects the strong confidence that the market has in the fiscal management and future economic potential of the city.

Middletown has steadily increased its bond rating during recent years. In 2014, the city increased from a AA rating to a AA+ rating, which was considered a great achievement at that time. In 2016, Middletown upgraded to the remarkable AAA rating, and has maintained that elite status for the past six years. This excellent rating is a reflection of the City of Middletown’s financial health and economic stability. In reference to Middletown, the Standard & Poor’s report (dated March 23, 2021) stated that they “believe the city can maintain better credit characteristics than the U.S. in a stress scenario.”

The report went on to state that “the city's strong operating results and consistent budget reserves, which have been maintained over several years, support the 'AAA' rating. Despite credit pressures related to state funding, and weaker regional economic growth, management has done well, budgeting conservatively and continuing to produce several years of general fund surpluses.” The S&P report noted the city’s strong economy, strong management, good financial practices, strong budgetary flexibility and performance, strong institutional framework, liquidity, debt, and liability profile.

Mayor Florsheim commented that “This high rating is a testament to the good work of the Middletown Common Council and the city’s Finance Department—together, we have made smart investments and been careful stewards of taxpayer dollars, and this is the proof of those efforts in black and white. It also makes Middletown unique among our peer communities, as nearly all other AAA-rated municipalities in Connecticut are wealthy suburbs with much higher per capita income and real estate values.”