(Norwalk, Conn.) Today, August 4, 2023, Norwalk Mayor Harry Rilling announced that the City of Norwalk received confirmation that all three major rating agencies, Moody's Investors Service, S&P Global Ratings and Fitch Ratings, have reaffirmed the City's 'AAA' bond rating with a stable outlook. The 'AAA' ratings from these three major credit rating agencies represent the highest possible ratings that can be awarded at the municipal level.
The 'AAA' ratings were assigned before the City's bond sale scheduled for Tuesday, August 8, where $70 million par value General Obligation Bonds, Issue of 2023 will be priced. Proceeds will be used to fund the City's capital projects.
"The City of Norwalk has once again earned 'AAA' ratings from all the major credit rating agencies," said Mayor Rilling. "Achieving the highest ranking among Moody's Investors Service, S&P Global Ratings and Fitch Ratings demonstrates our consistent efforts of exercising strong fiscal management while prioritizing smart budgeting practices. We have remained cognizant of the need to balance the critical investments in our community with a fiscally responsible budget that does not jeopardize residents' ability to continue to afford to live in our beloved community. Our strong fiscal foundation will allow us to continue making smart investments in our community."
The reports issued by the three credit rating agencies present a detailed, objective, and independent analysis of the City's financial operations and credit strength that measures the City's financial outlook and flexibility moving forward.
Fitch Ratings ('AAA') stated, "The 'AAA' … GO bond rating reflect Fitch's expectation that the City of Norwalk will maintain healthy financial flexibility throughout economic cycles, consistent with a history of strong operating performance and sound reserves."
Moody's Investors Service ('Aaa') stated, "The Aaa issuer rating reflects the city's economy, which remains healthy and characterized by very strong resident income and full value per capita. These factors combine with a competitive housing market recently bolstered by population growth captured during the pandemic. The rating is also driven by the city's solid financial position, which includes healthy cash and reserves that grew in fiscal 2023 and will remain stable."
S&P Global Ratings ('AAA') stated, "The stable outlook reflects our view of the city's plan to continue maintaining balanced financial operations without drawing down on reserves. In addition, we believe the city's comprehensive approach to budgeting and capital planning should allow it to maintain its manageable debt burden and retirement liabilities."
For further information, please visit Moody's Investors Service, S&P Global Ratings and Fitch Ratings' websites.