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S&P reaffirms Milfords AA-minus bond rating but assigns negative outlook
Summary
S&P Global upheld the City of Milfords AA-minus rating after a multi-step review, while assigning a negative outlook tied to a temporary negative governmental net position resulting from accounting treatment of an interfund loan for the police station.
S&P Global has upheld the City of Milford’s AA-minus credit rating but assigned a negative outlook, Milford finance staff told the Finance & Audit Committee at its Aug. 11 meeting.
Lou Vitola, senior accountant, said S&P carried out a detailed review, convening committee deliberations and follow-up calls with city staff, and concluded that despite a temporary negative governmental net position on the 2024 financial statements, Milford’s financial management and city management are strong enough to sustain the AA-minus rating.
Why it matters: credit ratings affect the city’s borrowing costs and investor perception. The committee focused…
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