By press release, Office of the First Selectman, Branford â¢ 01/11/2021 10:52 a.m. EST
October 29, 2021: Branford Senior Coach James B. Cosgrove and CFO Jim Finch today announced that the City of Branford’s AAA credit rating has been reaffirmed by S&P Global Ratings. This AAA rating will be assigned to the general bonds of $ 14.15 million Series 2021 used to repay existing maturities. The rating report notes that “the city is speeding up the payment of outstanding bonds, which underlines the city’s financial flexibility and strength.”
First Selectman Cosgrove praised the teamwork and stable leadership that led to this reaffirmation.
âUnder the firm hand of CFO Jim Finch and our finance board, we were able to secure this strong endorsement of our tax approach,â said Cosgrove.
The rating report was unequivocal in its assessment of Branford’s economic and financial condition, stating that the AAA rating was attributable to “the strong local economy and growth in the local property tax base,” as well as to its “historically strong fiscal performance … and limited overall debt.”
City financial advisor Mark Chapman, general manager of Madison’s Munistat Services, Inc. praised the city’s tax practices.
âIt was evident after speaking with the analyst and reading the rating report that S&P was very impressed with the City’s financial management practices. These practices have positioned the City to prudently manage its future capital needs and retirement commitments. Chapman said.
CFO Jim Finch stressed the importance of the rating to the city’s financial health.
âThe conservative budgets and economic growth that underpin this rating will allow us to continue to make improvements to the city’s public infrastructure while keeping debt service levels low,â said Finch.