Politics & Government

East Haven Finances Earn Another Credit Upgrade

Maturo: "Since 2011, my team and I have made some difficult, and sometimes unpopular, decisions. But we have reduced long term debt."

(Jack Kramer)

EAST HAVEN, CT - "Moody's Investors Service," has awarded East Haven its third credit rating upgrade since 2014, raising the Town's bond rating from "A3" to "A2."

In 2014, Standard and Poor's raised the Town's credit rating from "BBB+" to "A-" In 2016, Standard and Poor's awarded the town an, two-tier credit rating upgrade from "A-" to "A+."

Mayor Joseph Maturo said, "Our rainy day fund presently stands at a healthy $5.8 million dollars. Our long term debt is down over 50% from its peak of $48.1 million in 2011. Finally, even with the conservative fiscal controls we've implemented, we have invested over $12.6 million dollars into our infrastructure since 2012, including $1.8 million dollars for new roads and sidewalks across Town. "

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Maturo concluded, "Since 2011, my team and I have made some very difficult, and sometimes unpopular, financial decisions. However, in doing so, we have revitalized our budget, stabilized our tax rate, and significantly reduced our long term debt. "

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