Bond rating upgrade
Cheshire is going to save tax dollars as a result of some good news we just got. Moody's just upgraded our rating from Aa3 to Aa2.
In conducting a credit rating review, Moody’s evaluates four primary factors of the municipality: debt management, administrative issues, financial performance and economic base; and determines the overall rating on the community’s strength in each area.
The most immediate benefit of this upgrade will be a reduction in the Town’s interest rate on borrowings, translating into thousands of dollars in savings in interest costs, not only on the imminent $5.5 million bond issue, but future bond offerings as well.
Noteworthy in Moody’s rating analysis was their recognition of the Town ’s management team coupled with the positive working relationship between the Town Council and the management team, which has enabled the Town to identify and implement long term goals, improving the Town financial position throughout the last five years.
Cheshire last received an upgrade from Moody’s in 1993.
Tim White
Town Council, Budget Committee
3 comments:
This is a money saver for the taxpayers. Even though inmany case we think our Town Manger is not doing his job or taking the hard positon, in this case he has done what his job description states. He still does not deserve a bonus though.
it pays to be frugal
One of the unheralded pieces of work that Mike Milone does is the financial management of our capital debt. He will never say the good things he does in this area, but when you see him you should thanks for job done well.
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