STANDARD AND POOR'S ASSIGNS "A" RATING TO NEW BRITAIN; CITES CONTINUED
POSITIVE FINANCIAL PERFORMANCE, CONSISTENT BUDGET PRACTICES

Mayor Timothy Stewart reported today that Standard and Poor's, one of the nation's leading rating services, has assigned its "A" standard long-term rating to New Britain's 2009 general obligation bonds, an "SP-1+" short-term rating on the City's bond anticipation notes, and affirmed its "A" underlying rating with a stable outlook on the city's general obligation parity bonds.

"I am extremely pleased and proud to report that the City of New Britain continues to win high ratings from Standard and Poor's based on our consistent budget practices," Stewart declared today.

"In it's latest review of our City's financial operations, S & P cited ?continued positive financial performance that has allowed for steady reserve growth toward its stated fund balance policy' along with ?consistent budget practice of funding capital and nonrecurring spending at year end' as reasons for our outstanding rating."

Continuing, Stewart reported that S & P noted employers in the education, health, social and public service sectors in New Britain are likely to provide more long-term stability to the local employment base as the City continues to improve its economic development efforts.

Additionally, S & P stated "In our opinion, New Britain's financial performance is sound with adequate to good reserves" as yet another reason for its high rating.

"Since taking office in 2003, sound management of our City's finances has been my number one priority," Stewart said. "This latest report from Standard and Poor's validates the efforts that my administration and our outstanding municipal finance team have made to keep New Britain fiscally sound and our taxpayers protected from excessive spending and high property taxes. I am proud of the outstanding effort that our entire team has put forth to win S & P's high ratings for our direction of the City's finances."

Click here to view the S&P Rating Report