Wilton’s CFO Anne Kelly-Lenz announced positive results for a Feb. 18, 2021, $3.66 million bond sale, which yielded competitive interest rates on the strength of Moody’s reaffirmation of Wilton’s Aaa rating, which is the highest rating available. The winning bid on the bonds was 0.83% which carries a 10-year term.
The bonds will primarily provide financing for the Town’s road paving and replacement of the Wilton High School (WHS) Stadium Track. “We are very pleased with these results as they allow our debt service costs on these important infrastructure investments to be as low as possible and thereby minimize the impact on taxpayers,” said First Selectwoman Lynne Vanderslice.
“Today’s results were primarily driven by the Town’s exceptional credit rating and prudent long-term financial management of the Town,” said Matthew Spoerndle, senior managing director of Phoenix Advisors and Wilton’s municipal advisor. “When you combine that with the fact that interest rates are at all-time low levels, you get a very strong outcome as a result.”
In reaffirming Wilton’s Aaa rating, Moody’s noted Wilton’s sound financial position is “supported by strong management and comprehensive fiscal policies, healthy fund balance levels, well-managed operations and unusually proactive funding of long-term pension and OPEB liabilities.”
The settlement date for the sale is March 2, after which the funds become available to the Town.