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October 13, 2023

Windham one of 4 towns in CT to achieve AA-rating from S&P

By Andrew Larson

The town of Windham recently had its credit rating upgraded from AA- to AA, which will enable it to borrow money at lower rates.

Bond rating agency Standard & Poor’s increased Windham’s rating one notch to AA, making it one of four municipalities in Connecticut with that rating.

Windham is now two notches away from S&P’s highest rating of AAA. 

The state of Connecticut’s bond rating is one notch lower, at AA-, and the U.S. Government is one notch higher, at AA+.

Windham Town Manager Jim Rivers called the upgrade extraordinary for a town with relatively low income. 

“The town is in great financial shape and this rating indicates we are fiscally responsible,” Rivers said. “It shows Windham is on the rebound.”

Windham Finance Director Christian Johnson worked to secure the rating through five consecutive years of fund balance increases, reaching 20% of operating revenues in fiscal year 2023.

He said the town has strong pension funding and exceptional portfolio performance.

“The town will save with lower interest rates every time it issues bonds in the future due to the rating upgrade,” Johnson said.

Windham, located about 30 minutes east of Hartford, is home to Eastern Connecticut State University and many local businesses.

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