Moody’s bond rating for the Middletown remains on of the highest in the state at “ Aa1”, according to the town. This is good news for the town as it will reduce the costs of borrowing money when the town issues bonds.
The rating was reaffirmed in a recent call between the town and Moody’s. The call took place on May 9 and involved extensive research of the town’s finances including the real estate market, social media, website, numbers, and more.
In a statement, Town Administrator Shawn J. Brown said, “A lot of work goes into our bond rating behind the scenes, work that we all take very seriously. We were exceedingly pleased with the news from Moody’s and what it means for Middletown, our residents and businesses moving forward.”
The current rating will be of particular benefit as the town is in the process of raising $190 million in bonds to be used for the purchase of land and the construction of a new middle high school.
According to the town, Moody’s is one of the most respected and reliable rating agencies in the country. The appointment of a high rating is expected to have a positive impact on the town’s ability to attract investment and maintain a high level of financial stability.
The town is committed to providing transparency into its finances and demonstrating fiscal responsibility. This rating reflects the town’s efforts to be good stewards of taxpayer money and ensure sound fiscal management practices.
The residents of Middletown can rest assured that the town remains in good financial condition and has a strong bond rating. This rating is expected to continue to provide the town with the ability to attract investment and maintain a high level of financial stability.
Read more on this from the Town of Middletown here.
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.
