MOODY'S UPGRADES CITY OF HARTFORD'S ISSUER RATING
Published on August 04, 2023
HARTFORD, CONN (August 4, 2023) – Today, Mayor Bronin announced that Moody's Investors Service has upgraded the City of Hartford's issuer rating to Baa3 from Ba2.
"Our team has been extremely disciplined, and we've stuck to our long-term fiscal plan," said Mayor Bronin. "We’ve budgeted carefully, we’ve generated surpluses every year, we’ve reduced the property tax rate, and we haven’t taken on a dollar of debt since 2016. This latest upgrade by Moody’s reflects how far we've come from the full-blown fiscal crisis our team inherited, and it's a validation of the work we've done to budget with rigor and transparency -- and with a constant focus on Hartford's long-term strength.”
“This upgrade represents the hard work and efforts of the City to continually push forward in making Hartford fiscally strong and responsible," said City of Hartford Treasurer Carmen Sierra.
The Moody’s report reflects the "city’s continued financial improvement inclusive of cash and reserves that have materially increased over the last five years and are in good position to continue moderate improvement. The upgrade also recognizes the city's significantly stronger budget management practices and [Moody's] expectation that these strategies will remain entrenched in the city and survive changes in administration due, in part, to its ongoing collaboration with the Municipal Accountability Review Board (MARB).The city's improved governance is a key driver of the rating action."