West Haven’s Bond Rating Receives Upgrade From S&P

From City of West Haven

WEST HAVEN, CT — S&P Global on Tuesday, Sept. 29, upgraded West Haven’s long-term general obligation bond rating from A- to A, the first A rating perhaps in city history, Mayor Dorinda Borer announced.

The New York agency said the city’s bond rating also maintained a stable outlook.

“Standard & Poor’s just gave our city a vote of confidence,” Borer said. “When businesses decide where to relocate, invest or expand, they look for stability and a city that can financially and operationally manage and embrace investments. Developers and investors take note: Our finances are stronger, our direction is clear and we’re moving forward.”

According to the bond rating report, the upgrade reflects S&P’s “view of West Haven’s improved financial management conditions, because of the city strengthening its internal control processing and completing its financial audits in a timely manner, which should support stable available reserves through balanced financial operations.”

The report continued, “We believe this improvement in governance and oversight supports the rating, as the transition from state-mandated control to local autonomy suggests that the structural improvements made during the MARB period are sustainable.”

The city was released in May 2025 from Tier IV financial oversight under the state Municipal Accountability Review Board.

In its analysis of the city’s 2026 general obligation bonds, S&P said strong financial operations in the past few years led to increases in available reserves despite a drawdown in fiscal year 2025 and a challenging budgetary environment, particularly with education costs.

The rating also reflects S&P’s opinion of West Haven’s manageable debt burden, “with some additional debt needs but high on a per capita basis when including its other postemployment benefits obligation, which we believe will lead to higher fixed costs for the city.”

“The city, however, continues to experience economic development which should lead to further growth in its tax base,” S&P said.

The report continued, “West Haven’s physical risks are more elevated given the city’s coastal location is susceptible to chronic risks associated with sea-level rise and acute risk from severe weather events.”

S&P said the city continues to plan and implement mitigation efforts through various capital projects, such as hardening floodwalls and floodgates, improving stormwater infrastructure, and raising shoreline pumping stations.

“The city has worked closely with regional, state, and federal partners to access funding and resources for these and other projects move forward,” the report noted.

“It takes an entire team, and I want to thank every employee and resident who pitches in every day toward making our city a better place to live, work and play,” Borer said. “This is a milestone that belongs to everyone.”