From Brian Lockhart, CT Post
City officials–and taxpayers–got some good financial news this week, with two of the three key credit rating agencies boosting Bridgeport’s grades.
The news also comes as Mayor Joe Ganim prepares to run for a third consecutive two-year term in 2023.
In their latest reviews of Bridgeport’s finances, Fitch boosted the city’s rating from A to A+ while Moody’s Investors Service also moved the needle up a notch from Baa1″ to A3. The highest achievable rating is AAA.
That may all read like gibberish to some residents, but it ultimately can impact their wallets by potentially saving Bridgeport millions of dollars in interest payments over the long term when officials borrow for big projects like school construction.
“This is an affirmation of the strength of the city’s finances, fiscal health and this change will lead to lower interest costs for our bonding (borrowing), thus saving taxpayers money,” Finance Director Kenneth Flatto told members of the council’s budget committee earlier this week.
Full story here.