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WEST HAVEN, July 31, 2019 — Moody’s Investors Service on Tuesday, July 30, affirmed West Haven’s credit rating at Baa3 while upgrading its outlook on the city to “stable” from “negative,” Mayor Nancy R. Rossi announced.
In its bond credit analysis, Moody’s said the revised rating outlook “reflects West Haven’s stabilizing financial position and the effectiveness of the financial and administrative oversight provided by the State of Connecticut’s Municipal Accountability Review Board (MARB).”
“I am very pleased with Moody’s removing the negative outlook and upgrading the city of West Haven to a stable outlook,” Rossi said. “We need to continue the progress and improve our overall bond rating. That will take some time, but this is a step in the right direction.”
The mayor continued: “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 0.25 percentage point, on future bonding. This outlook upgrade is very important.”
In its report, the New York agency also credits the increase in West Haven’s grand list valuations and progress toward structural balance despite the city receiving state restructuring funds.
“The stable outlook reflects our expectation that West Haven, under the supervision of the MARB, will adhere to its 5-year recovery plan and continue to make incremental progress towards structural balance and building fund balance over the outlook period,” the report said.
“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,” Rossi said. “West Haven is on the right path forward, and I am looking forward to working with the MARB and the City Council to continue the progress.”