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Fairfield's Aaa Rating Reaffirmed; Town Refinances $24M

Left to right, Fairfield CFO Bob Mayer, Matthew Spoerndle, Senior Managing Director at Phoenix Advisors, the Town’s Financial Advisor, and First Selectman Mike Tetreau enjoy the latest review from Moody's.
Left to right, Fairfield CFO Bob Mayer, Matthew Spoerndle, Senior Managing Director at Phoenix Advisors, the Town’s Financial Advisor, and First Selectman Mike Tetreau enjoy the latest review from Moody's. Photo Credit: Contributed

FAIRFIELD, Conn. -- Moody’s Investors Service has reaffirmed the town’s Aaa coveted rating and given Fairfield’s finances a stable outlook, First Selectman Mike Tetreau has announced.

Moody’s has assigned the town with an Aaa rating for Fairfield’s $29.2 million of General Obligation Bonds, Issue of 2015, and to $188.5 million in outstanding long-term general obligation debt.

In addition, the town’s Bond Committee approved a proposal from Raymond James & Associates to purchase General Obligation Refunding Bonds, Issue of 2015, in the amount of $24.24 million, which reduces the town’s interest costs going forward by $1.45 million.

“As a result of Fairfield’s strong financial management and budgeted surpluses, our town has been fortunate to see the positive results of five consecutive years of General Fund balance growth resulting in the total General Fund balance increasing to $22 million of revenues," Tetreau said. "This balance growth has been the town's highest level of fund balance since 2003.”

According to Moody’s Rating Report, which was issued to the town on March 24, “Moody's highest long-term rating incorporates a stable and improving financial position which is supported by formal policies and strong management, as well as controllable liabilities for debt, pension, and OPEB. The stable outlook incorporates our expectation that Fairfield will maintain superior credit quality given an improving financial position and a large, favorably located tax base with strong resident wealth levels.”

Matthew Spoerndle, Senior Managing Director at Phoenix Advisors, the town’s financial adviser, said, “This is great news for Fairfield. Consistently being awarded the rating agencies’ highest rating (Aaa) is truly a reflection of the town’s strong financial management which only enhances the anticipated interest cost savings with this refinancing.”

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