MONROE, CT — Standard & Poor’s Global Ratings raised its rating for the town of Monroe to “AAA” on both existing and new bond obligations. Monroe now joins 25 towns to receive S&P’s highest possible rating. It is the town’s second rating upgrade since 2018.
First Selectman Ken Kellogg said the bond rating is essentially the credit score for the town, and is vital to inform investors on the quality and stability of the town’s bonds.
S&P cited Monroe’s strong management team, financial policies and practices, budgetary performance, fund balance, and a very strong economy, according to a press release issued by the First Selectman’s Office.
“I am proud that S&P has recognized our conservative budgeting practices and continued economic development,” said Kellogg.
The S&P report elaborated on Monroe’s strength in its adaptability and oversight through various economic cycles, including both an uncertain state aid environment, as well as during a pandemic, the first selectman said, adding, “we consider Monroe’s economy very strong.”
Kellogg called achieving the higher rating a team effort and gave special recognition to Board of Finance Chairman Mike Manjos for his leadership.
“This has been an extremely diligent, disciplined effort over many years to ensure that we were being responsible with our fund balance, that we kept our debt ratios low, and that we have a track record of paying off our debt quickly,” said Manjos. “We aim to keep our overall bonding levels stable by not taking on more than we are paying off.”
The bonds that will be issued will finance projects previously approved at Town Meetings, such as road paving, public works equipment, and the renovations and addition to the EMS headquarters.