“This successful bond offering is confirmation to our citizens, both private and corporate, of the continuing financial health and stability of our City which allows us to make critical investments in our infrastructure at such an attractive low rate of interest.” said Mayor Michael Pavia.

 Despite a recent uptick in U.S. treasury rates, investor interest in the City’s bonds was very broad and contributed to this successful bond offering.  

            Barry Bernabe, the City’s financial advisor and Vice President of Webster Bank, said, “In a difficult financial environment the City continues to show strong fiscal discipline. While most cities are struggling to manage their operating budgets, Stamford continues to successfully increase their reserve funds which have led to the City’s strong credit quality and low borrowing costs.”  

            The City’s bonds are rated AAA by Standard & Poor’s and AA1 by Moody’s Investors Service. The bonds were sold to William Blair & Co, LLC, one of 12 institutions who bid on Stamford’s bonds. 

            Michael Handler, Director of Administration, said, “We are very pleased that the marketplace continues to value the strong financial stewardship of the City.  This Administration will continue to take every opportunity to make government more efficient.”