The town of Madison’s finances got a vote of confidence Thursday as Fitch Ratings assigned a ‘AAA’ rating to the town’s general obligation bonds.
Fitch assigned the ratings to the town’s $5.91 million series B GO bonds, and $6.49 million series C GO refunding bonds .
The bonds are scheduled to sell competitively on Nov. 18, according to Fitch.
In addition, Fitch affirmed the ‘AAA’ rating on the town’s $32 million in outstanding GO bonds.
“The town of Madison’s strong financial management and prudent and conservative budgeting practices have resulted in sound operating results and solid reserve levels, overcoming recent reductions in state aid and increases in education and employee costs,” Fitch said in its assessment. “The town benefits from its good school system and above-average economic indicators, which includes low unemployment, above-average wealth levels, and access to regional employment centers.”
Fitch also said the town’s overall debt levels are moderately low with above-average amortization of principal and an affordable debt service burden.
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