Tolland garnered one of Fitch Ratings’ top debt scores on the eve of the town’s sale of nearly $10 million in debt for road and other infrastructure improvements.
Fitch, based in New York, assigned its ‘AA+’ rating to Tolland’s planned $1.46 million issue of general obligation (GO) 2012 series A, and its $8.3 million of GO refunding bonds, 2012 series B.
The bonds are due to be priced and sold on Aug. 15.
Fitch said the outlook for the town’s ability to repay its debts is stable.
Fitch cited the town’s moderate debt level as well as its bright prospects for expanding its grand list tied to installation of public water and sewer lines in its Technology Corridor Zone along Route 195 and in the town’s Gateway Area.
The Gateway area north of I-84, now known as the Tolland Village Area, is expected to be improved with mixed residential, retail and office development.
Tolland’s low employee-benefits costs and “manageable” level of unfunded pension liabilities – at $5.4 million as of July 1, 2011 – were cited as positives for town’s debt score.
