S&P Upgrades Bethel to AAA Rating

Standard and Poor’s, one of the world’s leading bond credit rating agencies, has issued a report upgrading the Town of Bethel’s bond rating to AAA, its highest possible rating for long term debt.

The new rating applies to Bethel’s general obligation (GO) bonds, some of which are being reviewed for possible refinancing to take advantage of lower interest rates. In addition, the agency moved the town’s rating on short term bond anticipation notes (BAN’s) to SP-1+, also the highest rating possible.   

S&P cited several positive factors in assigning the ratings, including the town’s stable management, introduction of new fiscal policies, creation of a 10-year capital plan, effective budgeting of pension obligations and a strong and improving local economy. Download the full report above.

“This is the result of a great team effort and effective bipartisan cooperation,” said First Selectman Matthew Knickerbocker. “A high bond credit rating lowers the town’s interest rates and saves taxpayers’ money. Our town Comptroller, Bob Kozlowski, has done an outstanding job guiding the town’s financial practices. We have worked hard together to create a long term capital plan that will address our town’s infrastructure needs over the next decade. The office of the Tax Collector has done an exceptional job managing tax collections. Our Boards of Selectmen and Finance have worked together to create sensible new fiscal management policies. As this has been a particular focus, I am personally thrilled and I congratulate all of my colleagues on this achievement.”