Credit Rating Agencies Update Hamden's Bond Rating

Hamden CT

02 August, 2021

11:05 AM

Description

Press release from the Town of Hamden: Aug. 2, 2021 The Town of Hamden is pleased to report that, despite a negative fund balance at the end of fiscal year 2020, the bond ratings issued by Standard and Poor's (S&P) and Fitch rating services remained steady or improved. Year-end results, as of June 30, 2021, are not yet audited, so they were not fully acknowledged by the rating agencies. However, the preliminary results for fiscal year 2021 show a surplus of $6.6 million, fully eliminating the prior year negative fund balance. "This is great news for Hamden," said Mayor Curt Balzano Leng. "We have fully funded the pension liabilities, fully funded the debt service, fully funded education for our children, fully funded public safety, fully funded our medical fund and still posted a positive fiscal result, even in a pandemic year. The hard work of our departments, and the positive energy of our residents, resulted in a truly remarkable close to the fiscal year." Fitch Ratings has affirmed the Town of Hamden's rating at BBB (negative outlook), while S&P improved the rating from negative outlook to stable outlook. While the 2021-2022 budget has been given high marks, the audited results of the 2020-2021 budget year, due later this year, will be necessary for potential future upgrades" "The creation of a plan to eliminate a deficit in a pandemic year is not magic, it is just hard work. I am very proud of the effort that this team has accomplished to achieve this extraordinary result," said Leng. This press release was produced by the Town of Hamden. The views expressed here are the author's own.