Fairfield's Good Credit Saves Town Money

FAIRFIELD, Conn. — Good news for Fairfield residents! The town has again received a AAA bond rating from Standard and Poor's, which will save taxpayers a lot of money in coming years. Chief Fiscal Officer Paul Hiller said the news allowed Fairifeld to fund $41 million in debt with the lowest interest rate in Connecticut.

“I am extremely pleased with the extraordinarily low interest rate, which will lower the burden on Fairfield’s taxpayers,” Hiller said in a statement released Thursday.

Standard and Poor’s rates municipalities based on their financial management, the amount of money they keep in reserves and other factors. It has awarded the AAA rating, its highest level, to Fairfield every year since 1974.

This year’s rating and the weak economy helped Fairfield sell more than $41 million in bonds to JP Morgan Chase Bank at an interest rate of 0.19 percent. With debt service accounting for more than 4 percent of the town’s spending each year, the low rate should help keep taxes low over the two decades the town will pay off that debt. The money raised with the bond sale will go toward construction projects such as Fairfield Woods Middle School, Penfield Pavilion and Stratfield Elementary School.

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