Griswold was blessed with a strong rating from Fitch Ratings for the town’s planned issue of $19.2 million of debt.
Fitch assigned a “AA-minus” rating to the New London County town’s general obligation (GO) bonds, with a stable outlook.
Such a solid rating is important to investors who may want to buy and hold municipal debt from Griswold and thousands of other communities in Connecticut and the U.S.
Fitch said despite recent revenue declines due to three years of net operating deficits, Griswold’s reserve levels remain adequate. Moreover, the town’s recent property-tax hikes to finance its budget and strengthen reserves was viewed as a plus.
