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11/01/2021 12:00 AMOct. 29, 2021: Branford First Selectman James B. Cosgrove and Finance Director Jim Finch today announced that the Town of Branford's AAA credit rating has been re-affirmed by S&P Global Ratings. This AAA rating will be assigned to $14.15 million series 2021 general obligation bonds used to refund existing maturities. The rating report notes, "the town is accelerating the payment of bonds outstanding, which underscores the town's financial flexibility and strength."
First Selectman Cosgrove praised the teamwork and stable leadership that led to this re-affirmation.
"Under the steady hand of Finance Director Jim Finch and our Board of Finance, we have been able to secure this strong endorsement of our fiscal approach," Cosgrove said.
The rating report was unequivocal in its assessment of Branford's economic and financial standing, stating that the AAA rating was attributable to Branford's "strong local economy and growth in the local property tax base," as well as its "historically strong budget performance...and limited overall debt."
The Town's financial advisor, Mark Chapman, Managing Director at Munistat Services, Inc. of Madison praised the town's fiscal practices.
"It was evident after speaking with the analyst and reading the rating report, that S&P was very impressed with the Town's financial management practices. Those practices have positioned the Town to prudently manage its future capital needs and retirement liabilities." said Chapman.
Finance Director Jim Finch underscored how important the rating is to the town's fiscal health.
"The conservative budgets and economic growth that are the foundation of this rating will allow us to continue to make improvements to the town's public infrastructure while keeping debt service levels low," said Finch.