Town receives AAA bond rating
Published 10:58 pm, Sunday, June 19, 2016
NEW CANAAN — The town’s AAA bond rating has been reaffirmed by Moody’s Investors Service.
New Canaan’s $8.9 million general obligation bonds were assigned the rating based on the town’s “sizable tax base with extremely high wealth and income levels, favorable location in Fairfield County, stable financial position with healthy reserves, strong management and modest long-term liabilities for pension and (other post-employment benefits),” according to a press release from First Selectman and Board of Finance Chairman Rob Mallozzi.
Eight bidders participated and were issued the bonds at a 1.74 percent interest rate, Mallozzi said.
“We were able to issue these bonds at a 1.74% rate reflecting again the strong position the town is in and helping to keep our borrowing costs at historically low levels,” Mallozzi said in the release.