For immediate release, May 19, 2016.

Madison’s Bond Rating Reaffirmed as Aaa

Madison First Selectman Tom Banisch announced today that Moody’s Investors Service confirmed that the Town’s bond rating remains at the highest possible rating, Aaa. “Once again, the financial strength of our town is reaffirmed, this time as we are refunding bonds to lower our debt service,” said Banisch. “Moody’s recognizes the Town’s track record for a steady financial position, low debt levels, pay-as-you go financing and sound budget practices. The stable outlook reflects the expectation that the town will remain fiscally sound given continued conservative budgeting practices and that the town will continue to benefit from its stable tax base.” Moody’s continued on to state that management is strong as evidenced by its conservative budgeting and is supported by long-term planning and formal fiscal policies.

The rating was reviewed by Moody’s as part of a refunding of $9.7 million in General Obligation Bonds. Moody's also maintains a Aaa rating on approximately $26 million of the town's outstanding general obligation debt.

There are no current plans for issuing new bonds.