STAMFORD, CT – The City of Stamford’s “AAA” bond rating has been reaffirmed by credit rating agencies Fitch and Standard & Poor’s. This is the highest bond rating possible for both agencies.
“The economic impact of COVID-19 on our community is requiring many difficult budgetary decisions for our City and I am glad these rating agencies have reaffirmed Stamford’s financial stability in the face of great uncertainty,” said Mayor David Martin. “This rating tells the businesses and residents in Stamford our City has weathered this current crisis remarkably well and — despite many challenges ahead — we can continue to look optimistically toward the future.”
Both reports credited Stamford’s management as a significant factor in their assessment.
“We view the city’s management as strong, with good financial policies and practices under our FMA methodology,” said Standard & Poor’s report said.
“Management’s combination of conservative budgeting and careful management of changes in tax rates have helped to support reserve stability and balanced operations in recent years,” Fitch Ratings’ report said.
Both reports’ analysis of Stamford’s economic environment referenced fiscally conservative decisions made by Stamford’s Board of Finance in anticipation of the financial impact on the local economy caused by the COVID-19 pandemic and subsequent lockdowns.