Freda announced Wednesday that Standard & Poor's has upped the town's bond rating to AAA. The rating is the best a town can receive; last year, the financial rating company rated North Haven AA.
"This is like the brightest gold star you could receive," Freda said.
Freda said the achievement is something every municipality strives for.
The ratings give the town the benefit of lower interest rates when selling its bonds for projects like the proposed "like-new"
"For projects like our middle school, this is very significant," Freda said.
A few years ago, the public approved the renovations and addition of the firehouses, costing about
The AAA rating allows the town to go back and bond at a lower rate for the firehouse project.
If the proposed renovations to the middle school pass next month's referendum, the town will bond a half-point lower for interest rates for costs for the project. For example, if an expense totals
Freda and Swinkoski said officials gave representatives from Standard & Poor's a tour of the town and its economic development, such as a new manufacturing company and various retailers. Town officials also engaged in a detailed interview process.
"I think the tour was beneficial. It's one thing to hear about all the good things, it's another thing to see it," Chapman said.
Freda said the achievement was a team effort.
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