Bridgeport, CT – The City of Bridgeport has recently received excellent bond rating agency reports for the City’s Autumn 2023 capital project bonding. Fitch Ratings re-affirmed the high A+ rating that was achieved last year for the first time in over a decade. Standard & Poor’s (S&P) Rating raised the City’s outlook to “positive,” indicating the potential for a rating increase from their current A level to A+ in the 2024-2025 fiscal year bond cycle.
 

“The City is very pleased to receive these strong financial ratings reports and to receive such strong demand for City bonds. This demonstrates that the City is in a solid positive financial condition,” said Finance Director Kenneth Flatto.  

The Fitch report states that “the City’s gap closing capacity to be strong given strengthened reserves and a high level of budget flexibility”. The S & P report states that “the City maintains a commitment to structural budget management that continues to yield positive financial operations”.

The Reports contain the City’s latest annual financial information, including the fact that the City ended the June 2023 fiscal year with a solid surplus of $4.5 million and an additional reserved fund balance of $4 million to help fund cost factors affecting the budget.

Mayor Ganim said, “As my administration works to help our citizens with their daily needs and concerns, these financial rating reports demonstrate that we can utilize City resources to strengthen vital programs, ranging from public safety, to education, to tax relief. I’m grateful that our Finance Department has been able to put our City’s finances in such good standing for the 2024-2025 fiscal year bond cycle.”

The City is bonding $16.9 million, the smallest bond issue in several years. Among the projects funded by these bonds are: $4 million for new Bassick High School construction, $3.5 million to start the Winthrop school rebuilding project, and funds for City infrastructure to improve sewers and security. The City plans to lower debt levels over the next decade as old bonds mature to reduce debt.