BURRILLVILLE â€” Fitch Ratings re-affirmed the town's AA municipal bond rating, which means the town will be able to secure a lower interest rate when it sells bonds to finance major projects.
Fitch Ratings is one of three private companies that rates the credit risk of companies and municipalities planning to sell debt. It has 10 â€śinvestment gradeâ€ť categories ranging from a best of AAA to BBB-. The ratings allow investors to form an opinion on whether they are likely to be repaid.
Fitch's ratings pertain to the town's approximately $11.79 million in general obligation bonds. The key issues driving the AA rate are â€śstrong financial management practices, which have led to an improved financial position over the past three years for both municipal and school department operations despite tax base declines and decreases in state aid.â€ť
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