Enfield rated AA from S&P Global Ratings, earning it a lower rate on bonds for $40 million dollars in projects than it received last year.
Those projects include the John F. Kennedy Middle School renovations, Enfield High School renovations, the Roads 2015 projects and Water Pollution Control Facility upgrades.
The town received competitive bids from 12 underwriters for its bonds and seven for bond anticipation notes, according to a written statement on the town’s website. The bonds for the projects will have an interest rate of 2.312 percent, compared to the rate of 2.998 percent last year. One-year notes will have an interest rate of 1.221 percent, compared to 1.698 percent last year.
“Enfield’s financial position was recently affirmed by S&P Global Ratings with a rating of “AA” on the upcoming 2019 General Obligation E Bonds and an “AA” long term rating on the Town’s general obligation debt outstanding. The bond anticipation notes were rated at SP-1+,” the town said in the release.
“… we believe the Town’s budgetary performance will remain strong given its historically balanced operating results, estimated surplus in fiscal 2019, and conservative budgeting assumptions for fiscal 2020 amid a more stable state budgetary environment,” S&P Global said.