Press Release|Public Finance

KBRA Affirms AA Rating for City of Waterbury, CT General Obligation Bonds; Outlook is Stable

25 Apr 2024   |   New York


KBRA Affirms AA Rating with Stable Outlook for the City of Waterbury, CT General Obligation Bonds.

Key Credit Considerations

The rating was affirmed because of the following key credit considerations:

Credit Positives

  • Local economy continues to undergo significant reinvestment and development.
  • Financial performance is sound with a consistent trend of balanced general fund operations and modestly growing general fund reserves supported by the City’s strong financial management policies and procedures.
  • Requirement to fully fund actuarially determined pension contribution, as per state statute authorizing the 2009 pension obligation bonds.

Credit Challenges

  • Elevated unemployment and poverty rates, and low per capita incomes.
  • Moderate debt burden with high but manageable pension-related obligations.

Rating Sensitivities

For Upgrade

  • Material growth in per capita income and reductions in poverty and unemployment levels.

For Downgrade

  • Deterioration in the City’s debt metrics or general fund reserves.
  • Failure to comply with the City’s fiscal management policies and procedures.
  • Significant decline in socioeconomic indicators (unemployment, poverty and per capita income).

To access rating and relevant documents, click here.



A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004091

805 Third Avenue
29th Floor
New York, NY 10022
+1 (212) 702-0707
Contact Us

© 2010-2024 Kroll Bond Rating Agency, LLC. All Rights Reserved. Kroll Bond Rating Agency, LLC is not affiliated with Kroll Inc., Kroll Associates Inc., KrollOnTrack Inc., or their affiliated businesses.