HARTFORD’S FINANCIAL MANAGEMENT RATED “STRONG”

NEWS RELEASE

(June 20, 2007)--- Mayor Eddie A. Perez is proud to announce that Standard and Poor’s Rating Services has assigned the City of Hartford an “A” rating.  This means the city’s financial management is strong and has a stable outlook.

Mayor Perez says, “This is another excellent example of how all of the city’s entities intertwine and reflect upon one another, showing a healthy financial forecast for today, and more importantly, for the future.  This is a reflection of all of our departments working hand in hand:  Finance, Management and Budget, Development Services, Treasury, etc working with me and City Council to provide a sound financial foundation so that our residents and workers can fully benefit.”

Standard and Poor highlights as just some of the strengths:  continued residential growth, especially in the Downtown neighborhood; continued high profile development like the Science Center; continued progress in smaller, private development; school construction and renovation; and a sound 10-year capital plan.

Earlier this month, Moody’s Investors Service assigned an “A2” rating and stable outlook to New England’s Rising Star.  This rating credited expenses being closely monitored and budgets having been balanced by generating additional revenue and without using surplus money.