West Hartford Bond Sale Gets High Rating

WEST HARTFORD, CT — Both Moody's Investor Services and Standard & Poor's, the nation’s largest bond rating agencies, have assigned their highest ratings, Aaa and AAA, respectively, to the town of West Hartford's $17 million general obligation bonds.

The outlook is stable, the services said.

Moody's and Standard & Poor’s ratings are used for institutional investors, such a large banks and insurance companies, when bonds are sold. The Aaa/AAA rating allows cities and towns to secure the best possible interest rate because they are considered low risk to lenders.

West Hartford sold the bonds on March 2.

The Bonds will fund a variety of capital needs for the town and school system, including street upgrades, stormwater and school security, town officials said.

West Hartford Chief Financial Officer Peter Privitera called the rating, "a recognition of sound financial management, along with positive fiscal and economic attributes the Town possess."

Town Manager Matt Hart said, "The Aaa/AAA credit ratings from both Moody’s and Standard & Poor’s reflects West Hartford’s solid economic health, growing tax base, vibrant economic development, sound and conservative financial strategies, its experienced management team, and long range plans for infrastructure improvements, all desirable factors to the credit rating agencies."

Mayor Shari Cantor said “We are very proud and pleased to be awarded this prestigious distinction for our strong and solid fiscal strategies and management.

"West Hartford’s economy is strong. We see investments throughout our town. In 2020, despite the obstacles created by the COVID-19 pandemic, there were 51 new businesses that opened and another ten that are in the pipeline. In addition, four major residential projects are underway. Twenty-six units at Residences at Berkshire Road, 294-units at One Park, 52-units at 540 New Park, and 25-units at Ringgold Estates. Home values remain strong and West Hartford is the town many people are relocating to from nearby major cities."