Fairfield’s AAA rating reaffirmed — note sale successful

First Selectman Mike Tetreau announced that Moody’s Investors Service reaffirmed the Town’s AAA rating. Tetreau also announced that the Town participated in a successful $35 million note sale realizing a 0.29% interest rate.

Tetreau noted that Moody’s reassessment of the coveted AAA rating stated:

• Fairfield has a stable and improving financial position; and

• Fairfield has strong management; and

• Fairfield continues to fully fund the actuarially determined contributions for the pension plans; and

• Fairfield’s management employs conservative budgeting and financial management as evidenced in stable reserve levels, formal fiscal policies, and long-term planning for capital expenditures.

The Bond Committee, which consists of First Selectman Mike Tetreau, Selectman Sheila Marmion Selectman Kevin Kiley, Town Treasurer Helen D’Avanzo and Fiscal Officer Robert Mayer, participated in the $35,020,000 Note Sale. The Bond Committee unanimously approved the note sale to Morgan Stanley’s winning bid of 0.29%. Matthew Spoerndle of Phoenix Advisors, the Town’s Financial Advisor, and Frank Cleary of Pullman & Comley LLC, the Town’s Bond Counsel, were also present at the auction.

Spoerndle said, “Once again, we are pleased with these successful results that the Town achieved at yesterday’s note sale.”

First Selectman Mike Tetreau said, “It is a great testament to Fairfield’s fiscal prudence that Moody’s has reaffirmed our community with the highest rating we can achieve. The Town is extremely pleased with the outcome of the note sale. I thank our financial management team for their sound management that has resulted in the Town being able to fund projects with these low rates that will save taxpayer dollars.”

Matthew Spoerndle of Phoenix Advisors, the Town’s Financial Advisor, Town Treasurer Helen D’Avanzo, and Selectman Sheila Marmion, sitting in the front from left to right. Standing in back are First Selectman Mike Tetreau and Frank Cleary of Pullman & Comley LLC, the Town’s Bond Counsel.

Matthew Spoerndle of Phoenix Advisors, the Town’s Financial Advisor, Town Treasurer Helen D’Avanzo, and Selectman Sheila Marmion, sitting in the front from left to right. Standing in back are First Selectman Mike Tetreau and Frank Cleary of Pullman & Comley LLC, the Town’s Bond Counsel.

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