Darien has preserved its coveted AAA bond rating for 2011, according to a finding issued Thursday by Moody's Investment Service, a reflection of the town's "sound financial position supported by formal financial policies and long-term planning."
The grade, the highest possible, will enable the town to continue borrowing at a comparatively low rate.
"Moody's expects Darien's well managed financial position will remain healthy over the near term given the town's history of conservative budgeting practices and satisfactory reserve levels supported by formal fund balance policies," the finding states.
Moody's, along with Standard & Poor's and Fitch, is one of three agencies that rate the credit worthiness of debt issues by governments and corporations.
"We expected to get this rating," Board of Finance chair Liz Mao said in an interview. "It reinforces the conservative fiscal management that we've always had and will continute to have."
"AAA means the most secure investment, which in turn means for us that we'll pay the lowest rates," said Finance Director Kate Buch.
Darien's upcoming bond sale — set for Thursday, March 3 — will include $12 million in general obligation bonds, which will help to fund the ongoing renovation and the Goodwives sewer project.
The agency separately affirmed Darien's AAA rating on $79.7 million in outstanding parity bonds.
"The AAA rating reflects the town's substantial, affluent tax base, which benefits from its proximity to New York City ... and other employment centers in Fairfield and Westchester Counties," the finding reads.
