STAMFORD, CT – Mayor David Martin and Director of Administration Michael Handler today announced that both Standard & Poor’s and Fitch have assigned their highest rating to the City of Stamford. The City’s AAA bond rating is higher than the ratings of the State of Connecticut and the U.S. Government. In these reports, the City was recognized for strength in its local economy, management, budgetary performance, and liquidity.

“This is a difficult fiscal environment for many municipalities and our State, so we are pleased to have this acknowledgement of our hard work,” said Mayor Martin. “A AAA rating is only accomplished through consistent work and determined focus. I would like to thank the City’s Office of Administration, the Board of Finance, and the Board of Representatives for all of their collective support and recognition of the importance of the City’s financial integrity.”

“The Mayor and I share a common vision of vibrancy, safety and prosperity for our City, all of which start with the fundamental foundation of responsible fiscal management.  The decisions that we make are always designed around improving both our short-term and long-term financial health,” added Director Handler. 

In their reports, both agencies highlighted the City’s success in addressing its long-term structural liabilities, pension and other post-employment benefits (OPEB), through the responsible funding of 100% of the annual required contributions and the reduction of future liabilities through successful negotiation of labor contracts. 

“Both of these actions, while difficult for most other cities to achieve, lead to solid long-term fiscal strength and truly separate Stamford from the rest of the state,” said Barry Bernabe, managing director of Phoenix Advisors.

While there is continuing concern about the fiscal health of the State, both agencies highlighted the City’s proactive steps to prepare for the inevitable cuts as a result of the State’s perpetual failure to address its long-term liabilities.

In accordance with its prudent long-term capital plan, the City plans to issue bonds in the coming weeks. Additionally, the City plans on refunding approximately $50 million of existing debt which will lead to savings of approximately $2 million.