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| > News > Windsor Receives AAA Bond Rating |
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Windsor Receives AAA Bond Rating
Town officials have announced that Standard & Poor's Rating Services raised its underlying rating (SPUR) on Windsor, Connecticut's outstanding general obligation (GO) bonds to 'AAA' from 'AA+'. The upgrade reflects Windsor's extremely strong economic characteristics, aided by ongoing commercial and industrial development, strong management practices, and low debt burden. Windsor is the 14th Connecticut community to receive such a rating from Standard & Poor's and Moody's, two major Wall Street rating firms. As of January 2008, there were only 83 communities nationwide that held a Standard & Poor's 'AAA' rating.
Based on information from Standard & Poor's, a key factor in their decision to upgrade was the "very strong" financial management assessment (FMA). The FMA is a review by Standard & Poor's analysts to assess whether key financial polices and practices are in place and adhered to on a regular basis. Standard & Poor's emphasizes four factors when assigning an 'AAA' rating to a municipality:
- Strong and proactive administrations
- Effective debt management policies with moderate to low debt ratios
- A vibrant and diverse economy or participation in one
- A strong track record of managing the financial position support by sufficient reserves and established policies that guide management practices.
"We are extremely proud of this achievement," said Windsor Town Manager Peter Souza, "it is the direct result of collaborative efforts and planning of past and current Town Councils and town administrations that have fostered a strong track record of managing debt and cash reserves through good and bad economic periods."
The report from Standard & Poor's also cited Windsor's continued commercial and industrial development in that the residential tax burden accounts for 56% of the tax levy, which is low compared to surrounding communities, and is down from 63% in 1997. The town's full market value is extremely strong at $166,137 per capita, further reflecting the strength and values of its properties.
Moody's has assigned the town an 'Aa2' rating with a positive outlook, an improved rating over last year. Other Connecticut communities assigned an 'AAA' rating by Moody's and Standard & Poor's include: Darien, Wilton, Weston, Westport, New Canaan, Avon, Greenwich, Stamford, Norwalk, Ridgefield, Fairfield, Glastonbury and West Hartford.
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