First Selectman Mike Tetreau announced today that Moody’s Investors Service has re-affirmed
the Town’s Aaa coveted rating and stable outlook. Moody’s has assigned the Town with an Aaa
rating to Fairfield’s $37.6 million of General Obligation Bonds, Issue of 2012 and a MIG 1 to
$12.1 million of General Obligation Bond Anticipation Notes.

According to Moody’s report, which was issued to the Town on June 26, 2012, “Moody’s has
also re-affirmed the Aaa rating on $192.2 million of outstanding general obligation unlimited
tax debt. The outlook on all bonds is stable. The bonds and the notes are secured by the town’s
general obligation unlimited tax pledge. Proceeds from the bonds will be used to permanently
refinance maturing BANs and towards financing the completion of the new Fairfield Metro
North train station and other school and town improvements. Proceeds from the notes will be
used to refinance maturing notes.”

Moody’s rationale for reaffirming the stable outlook reflects “significant improvement to
General Fund reserves and marked progress toward curing a long standing deficit in the town’s
Internal Service Fund (ISF) which Moody’s expects to continue over the medium term. Future
rating reviews will continue to consider the town’s maintenance of satisfactory General Fund
reserves and ability to fully fund its internal service obligations.”

By Stephen Krauchick

DoingItLocal is run by Steve Krauchick. Steve has always had interest with breaking news even as an early teen, opting to listen to the Watergate hearings instead of top 40 on the radio. His interest in news spread to become the communities breaking news leader in Connecticut’s Fairfield County. He strongly believes that the public has right to know what is happening in their backyard and that government needs to be transparent. Steve also likes promoting local businesses.

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