Town of Guilford Achieves Highest Credit Rating Possible

GUILFORD, CT - S&P Global Ratings and Fitch Ratings announced the affirmation of the Town’s AAA bond rating with a stable outlook going forward. Those ratings represent the highest ratings awarded by each rating agency. In addition, the Town was also assigned the highest short term rating to the bond anticipation notes.

As a result of obtaining the ratings, Guilford taxpayers can expect to receive the best interest rates available in the market with the Town issues bonds to finance capital projects. The Town’s financial advisor, Independent Bond & Investment Consultants of Madison, estimates that the Town will save approximately $142,000 in interest cost on its upcoming bond sale as a result of the ratings.

In its report Fitch concluded that “Guilford’s strong financial resilience is supported by its conservative buS&P referred to the Town’s financial management as “strong.”

S&P cited Guilford’s very strong economy, management practices, budgetary performance and strong budgetary flexibility as its reasoning for affirming the AAA bond rating and highest short term rating.dget practices, strong reserve levels and superior level of budget flexibility.”

The ratings were obtained in connection with the Town’s upcoming $12 million bond and $3.2 million short-term note sale. Proceeds of the sale will finance $8.7 million in school facility improvements, including the final installment for the High School project, as well as $6.5 million in town infrastructure projects and vehicles/equipment purchases.