The long-term rating continues to reflect the City of Waterbury’s (the “City’s”) well-maintained financial operations, supported by sound financial policies and growing general fund reserves. The rating also recognizes the administration’s continued focus on economic development, downtown redevelopment, and infrastructure improvements. Also reflected in the rating is the recent sale of Waterbury Hospital to UConn Health, which generated one-time tax receipts in FY 2026 and is expected to support the long-term stability of a key local institution, although the property will transition to tax-exempt status in FY 2027. Offsetting these strengths are the City’s moderate debt burden, elevated pension and OPEB obligations, and weak underlying municipal resource base.
General Obligation (“GO”) Bonds constitute direct and general obligations of the City, and are secured by its full faith and credit pledge. Under state statutes, the City has the authority to levy ad valorem…
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