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New York, August 09, 2022 -- Moody's Investors Service has upgraded the rating on the City of Bridgeport, CT's general obligation bonds to A3 from Baa1. The city has approximately $900 million of outstanding obligations. The outlook has been revised to stable from positive. Moody's has also assigned an A3 rating to the city's General Obligation Bonds, 2022 Series A. The bonds have an expected par value of $23.1 million.
Please view the full press release below.
Mayor Ganim joined City Finance Director Kenneth Flatto to congratulate the Finance Department on receiving the Certificate of Achievement for Excellence in Financial Reporting Award. Presented by the Government Finance Officers Association (GFOA), this Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting.
The Award is based upon a GFOA review of the Comprehensive Annual Financial Statements of the City and was judged by an impartial GFOA panel to ensure the highest standards of the program are met. This process includes demonstrating a "spirit of full disclosure" to clearly communicate its financial results to the City Council and public.
Mayor Ganim stated, “We commend the accomplishments of the Finance Department which are clearly exhibited by receiving this Award. A completely clean audit opinion from outside auditors demonstrates the competence and effectiveness of our Finance Department and their operations.”
Finance Director Flatto stated, “We are very pleased to get this Award which demonstrates our fiscal responsibility and the strong work ethic of the Finance Department.”
Bridgeport attains new ‘positive outlook‘ upgrade (from previous ‘stable outlook’ level)!
Bridgeport attains new ‘positive outlook‘ upgrade (from previous ‘stable outlook’ level)!
As Bridgeport Harbor drifts further from its industrial roots and into a future defined more by entertainment and residential uses, development of a new boatyard on the former Derecktor Shipyard site is likely to play a key role.
