High bond rating helps New Milford secure $9.3 million for projects

Spectrum/Roger Sherman Town Hall on Main Street in New Milford. For budget insert march 30, 2018.

Spectrum/Roger Sherman Town Hall on Main Street in New Milford. For budget insert march 30, 2018.

Deborah Rose / Hearst Connecticut Media

NEW MILFORD — The town received high ratings from a bond credit rating service Monday that is expected to help finance several infrastructure projects, according to a press release from the mayor’s office.

The town was able to secure $9.3 million in bond anticipation notes— smaller, short-term bonds— to go towards construction on roads, bridges and the library’s renovation. It was also able to convert $9 million in bond anticipation notes to permanent bonds that can be used for roads, roofs, and the library project, as well.

The borrowing rate for the bond anticipation notes was set at .149 percent.

The town was also awarded an Aa1 credit rating, the second-highest rating given by Moody’s Investors Service. It also received the highest rating, MIG 1, for its bond anticipation notes.

The press release said that Moody’s said the town had “strong liquidity and reserves, healthy financial profile and strong resident wealth” which helped New Milford achieve these high ratings.