Monday, November 01, 2010
Moody’s Investor Service said today it has assigned a triple-A (Aaa) rating to the Town of Westport’s $20.1 million general obligation refunding bond issue.
In an opinion released to clients, the rating agency said concurrently it has affirmed the outstanding Aaa rating on the town’s $162 million in parity debt, which is secured by the town’s general obligation unlimited tax pledge.
Finance Director John Kondub has told the town funding bodies that there could be as much as an $800,000 savings to taxpayers in the refinancing, expected to be offered on Thursday.
Moody’s said the highest quality rating “reflects the town’s sizable tax base, high wealth indices and modest debt levels.”
It added, “The Aaa rating also incorporates the town’s well-managed financial operations marked by a satisfactory level of reserves, a well-funded pension system, and proactive funding of the town’s post retirement benefits liability.”
Posted 11/01/10 at 09:20 PM
Much thanks to our Finance Director, John Kondub, and his wonderful team.
The $800,000 savings is such a winner…and, it’s due to their high level of expertize and sweat.
The AAA rating is icing on the cake.
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