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The original item was published from 7/16/2019 11:40:15 AM to 8/17/2019 12:00:02 AM.

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Posted on: July 16, 2019

[ARCHIVED] Town of Enfield Retains Excellent Rating from SP Global

The Town of Enfield maintains its strong S&P Global rating.  Once again, 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” on the upcoming 2019 General Obligation Bonds and an “AA” long term rating on the Town’s general obligation debt outstanding, both with a stable outlook, from S&P Global Ratings.

S&P Global Ratings has also affirmed the “SP-1+” on the Town’s outstanding general obligation Bond Anticipation Notes and affirmed its “SP-1+” rating on the Town’s existing short-term debt.

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. The plus designation means the municipality has a strong capacity to pay debt service. 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 impressive ratings assigned to the Town are supported by Enfield’s strong local economy, strong reserve levels, manageable retirement costs and liabilities, and strong liquidity. These facts also provide flexibility to moderate the uncertainty seen within the State of Connecticut budget.

Once again, the Town of Enfield municipal team has remained flexible and proactive.  The Town Council and administration remains vigilant with project costs, while ensuring our residents receive the absolute best services we can provide while staying fiscally responsible and ahead of the economic market curve.

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