Town officials announced positive results from Tuesday’s $12 million bond sale, which yielded competitive interest rates on the strength of solid reviews from Moody’s Investors Service, one of the three major Wall Street Rating Agency firms.
“It’s very encouraging to see such continued strong demand for our bonds,” said First Selectwoman Jen Tooker. “We’re extremely pleased with these results, as they help keep our debt service costs, and ultimately the burden on taxpayers, as low as possible.”
The Town received a total of twelve bids on the Bonds, with Huntington Securities, Inc. submitting the winning bid. Huntington out-bid firms such as Fidelity Capital Markets, who was the second-place bid, Cabrera Capital Markets, Loop Capital Markets, and SWBC Investment Services, among others.
The interest rates bid on the bonds ranged from a winning bid of 3.32% to a high bid of 3.49%. It was a tightly contested competitive sale with bids from the top four firms within a range of only 4 basis points (0.04%). Nearly half of the bond issuance will finance renovations at Long Lots Elementary School & Stepping Stones Pre-school while the rest of the bonding will fund several other needed public improvement, school and sewer projects.
“Moody’s reaffirmation of the Aaa rating underscores the Town’s consistent commitment to prudent and stable fiscal management,” said Matthew Spoerndle, Senior Managing Director of Phoenix Advisors and the Town’s Municipal Advisor. “The positive results of this sale are a direct outcome of the Town’s exceptional rating, supported by its disciplined long-term financial strategy.”
Moody’s affirmed Westport’s rating at Aaa, which is the highest rating available. Within the report, Moody’s referenced the Town’s “continued stability in Westport's local economy, supported by an wealthy tax base and strong residential market.” From a financial perspective, Moody’s referenced the Town’s “solid” and “stable” financial operations while also highlighting the Town’s “low leverage and fixed costs.”
The settlement date for the sale is October 23, 2025, after which the funds become available to the Town.
