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City of Stamford Receives AAA Rating from Standard & Poor's

Stamford's Triple-A credit rating was affirmed by Standard & Poor's Friday, Mayor David Martin announced that afternoon.

In a report from the organization released January 17, Standard & Poor's assigned the rating and attributed it to a stable outlook, including strong management and financial practices, budgetary flexibility, stong budgetary performance, and very strong liquidity as factors, Martin's office announced.

"I am proud of the work our city has done to uphold our financial integrity and pleased that Standard & Poor’s has recognized this commitment with a Triple-A rating," the mayor said. "Securing this rating will allow us to continue making much needed capital investments in our community and do so at the lowest possible interest cost to taxpayers."

Director of Administration Michael Handler, whose office is responsible for developing, maintaining, and improving the City’s financial systems, also reflected on the news.

"Standard & Poor's does not assign its highest credit rating by accident," Handler said. "It is not based solely on effort nor intentions; but rather solid results. All City employees play an integral role in maintaining our financial strength and should be extremely proud of our collective accomplishment."

Stamford's Financial Advisor and Webster Bank Senior Vice President Barry Bernabe weighed in as well, happy with the rating.

"Standard & Poor’s affirmation of the City’s AAA bond rating is a reflection of the City’s strong management practices, rigorous budgetary performance, and the fiscal discipline to maintain and grow financial reserves during a challenging economic environment," he said.

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