City maintains AAA bond rating

Milford still has a AAA bond rating, the highest possible credit grade a city can achieve, Mayor Ben Blake told the aldermen at a meeting last week.

“In assigning its highest level of credit quality, [the rating agency] Fitch cited Milford’s strong management and the city’s sound financial cushion on the basis of its superior level of budgetary flexibility and history of careful financial management,” the mayor states in the Nov. 8 Board of Aldermen meeting packet.

He said the agency noted Milford’s “continued solid economic and revenue growth prospects, a low long-term liability burden and strong operating performance.” The agency also cited the city’s healthy reserves, low debt levels and management of other post employment benefit liabilities.