Mayor Nancy Rossi announced that Moody’s Investment Service affirmed the City’s credit rating at Baa3 but upgraded the outlook from negative to stable in a recent bond credit analysis.
The Moody’s report states that the revised rating outlook reflects West Haven’s stabilized financial position and the effectiveness of the financial and administrative oversight provided by the Municipal Accountability Board (MARB). The report also credits the increase in the city’s grand list valuations and progress towards structural balance despite the city’s receiving state restructuring funds.
The credit report stated that “The stable outlook reflects our expectations that West Haven, under the supervision of the MARB, will adhere to its five-year recovery plan and continue to make incremental progress towards structural balance and building a fund balance over the outlook period.”
“I am very pleased with Moody’s removing the negative outlook and upgrading the City of West Haven to a stable outlook. We need to continue the progress and improve our overall bond rating. That will take some time and this is a step in the right direction”, said Mayor Nancy Rossi. ”We have stabilized our financial situation and are making the tough budget decisions that are necessary for future success. The change in the outlook may seem minor but it could save West Haven taxpayers up to 25 basis points or a quarter percent on future bonding—this outlook upgrade is very important.”
“We have spent much of the past 20 months dealing with serious budget issues and marketing and attracting new economic development opportunities for the city. West Haven is on the right path forward and I am looking forward to working with the MARB and City Council to continue the progress,” said Rossi.