FOR IMMEDIATE RELEASE

Contact:             Mayor James R. Miron, 203.385.4001 
                          John Norko, Director of Finance, 203.385.4040

Standard & Poor’s Upgrades Town’s Bond Rating to AA-
Moody’s Maintains A1 Rating After Lifting Negative Outlook in 2007

Stratford, Connecticut (December 16, 2008) – Mayor James R. Miron, together with Finance Director John Norko and Chief Administrative Officer Suzanne Ryan McCauley, today announced that Standard & Poor’s, Ratings Services has upgraded the Town’s bond rating to ‘AA-‘ from ‘A+.’

This upgrade will allow the Town to reduce borrowing costs.

According to Standard & Poor’s report, the upgrade is based on “the positive assessment of the Town’s financial policies and practices and recent ability to maintain consistent operating results, which, overtime, will improve flexibility. The outlook is stable.”

In addition, the report states, “following a charter change to a mayoral form of government in 2005, Stratford’s new management team has focused its efforts on addressing the Town’s fiscal position. Officials have eliminated the use of reserves to fund operations and have taken what we consider a conservative approach to budgeting by revising revenue estimates when needed and closely monitoring expenditures. Management passed a fund balance policy of maintaining the unreserved general fund at a minimum of 10% of expenditures.”

Standard and Poor’s has also upgraded the Town’s financial management assessment (FMA) to “good” from “standard” following their reassessment of the Town’s financial policies and practices.

Moody’s Investors Services, which removed the Town’s negative outlook in 2007, reaffirmed the Town’s A1 rating in 2008.

According to the Moody’s report, “Stratford’s credit profile encompasses an improved financial position with satisfactory reserves, sizeable tax base with average wealth indices, and moderate debt position with manageable future borrowing plans.”

“Moody’s expects the Town’s financial position will continue to improve given the management’s commitment to main structurally balanced operations, a long-range plan to increase the unreserved General Fund balance and recently adopted fiscal policies.”

“I am proud to report to Stratford’s taxpayers that the Town’s bond rating has been upgraded during the worst economic and financial conditions since the Great Depression,” said Mayor James R. Miron. “It’s gratifying that Wall Street has recognized the management efforts of my administration. This upgrade serves as independent verification that the Town’s finances are stronger today than three years ago.”

On Thursday, December 11, 2008, the Town completed its sale of $8.7 million in bonds (project list attached).

“In response to the economic climate, the administration reduced the term of the sale from 20 to 15 years,” said Mayor James R. Miron, “This term reduction, combined with the AA- rating increased bid competition and resulted in a lower interest rate and $1.3 million in savings.”