S&P Global Ratings Cites the New Administration's Commitment to Strong Fiscal Management and Anticipated Economic Growth and Stability
STRATFORD, CT — June 16, 2026 — Mayor Chess announced that the Town of Stratford, CT, has maintained its 'AA-' long-term rating from S&P Global Ratings with a stable outlook. S&P Global Ratings assigned its 'AA-' long-term rating to the Town of Stratford's $22.7 million 2026 series A general obligation (GO) bonds and $13.8 million 2026 series B GO refunding bonds, and its 'SP-1+' short-term rating to the Town's $26.4 million 2026 series B bond anticipation notes.
"This rating is a vote of confidence in Stratford — our people, our economy, and the direction our administration is taking,” said Mayor David Chess. “We inherited some real budget challenges, and S&P was critical of the decrease in our General Fund Balance over the last two years but acknowledged and applauded the budget we passed in May, which allocated $2 million to stabilize our fiscal foundation.”
In their report, S&P Global Ratings noted that “the tax base remains robust, with anticipated growth in commercial and retail development. Consequently, we expect continued stability within the local economy.”
S&P Global Ratings also noted the challenges the new administration inherited. “Prior to fiscal 2027, budgets included overstatement of anticipated grant funding, leading to a revenue shortfall of slightly more than $4 million… though we anticipate a return to positive results in fiscal 2027 as a result of conservative budgeting efforts and a strategic focus on rebuilding fund balances by new management.”
“Maintaining this credit rating is a meaningful achievement,” continued Mayor Chess. “Rather than hiding behind the fiscal challenges we inherited, we've been transparent and have put forth a clear plan to fix them. That matters because a strong credit rating signals to the bond market that Stratford is a responsible borrower. Allowing the Town to continue borrowing at lower rates keeps more money where it belongs: in taxpayers' pockets."
The 'AA-' rating places Stratford among a select group of CT municipalities with the strongest credit profiles and reflects S&P's confidence in the Town's long-term ability to meet its financial obligations. The stable outlook indicates that S&P does not expect a change in the rating in the near term.
Proceeds from the bonds will fund capital projects across the Town and will also reduce the Town's existing debt costs. Stratford expects to issue roughly $10–$15 million in bonds each year, which will allow us to slowly decrease our debt.
Stratford's 'AA-' rating is on par with the State of Connecticut's own S&P general obligation bond rating.
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About S&P Global Ratings
S&P Global Ratings' 'AA-' designation indicates a very strong capacity to meet financial commitments. It is the fourth-highest rating on S&P's scale and signifies investment-grade creditworthiness of the highest order. The stable outlook reflects S&P's expectation that the rating is unlikely to change over the near-to-medium term.