Madison's Bond Ratings Reaffirmed As AAA

This information is from the town of Madison:

Madison First Selectman Fillmore McPherson announced that both Moody’s Investors Service and Fitch Ratings confirmed that the Town’s bond rating remains a stellar AAA.

“We are extremely pleased that our solid management of Town finances is recognized,” said McPherson.  “This is akin to getting an outstanding report card from school or a clean bill of health from your doctor.  Not only do we end up with lower interest rates when we occasionally borrow money for major projects, but it validates the way the Boards of Selectmen, Finance, and Education as well as town staff work together to be fiscally responsible.”

Both rating agencies particularly referenced the Town’s low debt levels, conservative budgeting practices, good pension funding, healthy reserve levels, and practice of pay-as-you-go financing of capital needs.  Of special interest is Moody’s notation that “…Madison…(is) rated higher than the sovereign (US Government)”

The ratings were reviewed by both agencies in conjunction with a bond refinancing of approximately $10 million where current lower interest rates will save the Town approximately $600,000 over the next nine years.