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
"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."
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.