SP Global Gives Town of Enfield Excellent Rating
Sound management of the Town in light of the State’s economic condition has resulted in the Town of Enfield receiving a rating of “AA” with a stable outlook on the upcoming 2018 General Obligation Bonds and “SP-1+” on the upcoming General Obligation Bond Anticipation Notes, from S&P Global Ratings.
S&P has also affirmed the “AA” rating on the Town’s outstanding general obligation bonds and the “SP-1+” on the Town’s outstanding general obligation Bond Anticipation Notes.
The “AA” rating represents S&P Global Ratings’ third highest long-term issue credit rating and means that the Town’s capacity to meet its financial obligations is very strong. The “SP-1+” rating is their highest municipal short-term note rating and means that the Town has a very strong capacity to pay its principal and interest. These ratings allow the Town to sell its bonds and notes at lower interest rates than if the Town had lesser credit ratings, thus potentially saving taxpayers hundreds of thousands of dollars.
In June, the Town made a presentation of economic and financial activity to S&P Global Ratings and its financial position was reviewed and evaluated based on its audited financial statements and economic outlook.
The Town presents a strong budgetary performance and fund balance position due to a strong economy and liquidity, which provides flexibility to moderate the uncertainty seen within the State of Connecticut budget.
That flexibility has been put to the test, and thanks to a lot of cooperation on the part of Town employees, creativity and consolidation on the part of the Department Directors, and sound decision making by the Town Council, your municipal team is working hard to ensure that the Town of Enfield not only survives, but thrives in any economic market!