1/13/09 PRESS RELEASE: Fitch Rates Greenwich, CT's $72MM 2009 GO BANs 'F1+'; Affs Outstanding GOs at 'AAA'

When Greenwich Roundup Types:

Greenwich Town Hall Listens......

Strange Things Are Happening In Greenwich

Yesterday Evening Greenwich Roundup Published This letter From A Town Hall Insider And Added Comments To The Letter.....

1/12/09 A READER AND TOWN HALL INSIDER SUBMITS COMMENTS: Pacewicz pension bump - FUZZY MATH !

Now First Thing In The Morning This Press Release Is Waiting In Greenwich Round Up's Inbox......


Fitch Rates Greenwich, CT's $72MM 2009 GO BANs 'F1+'; Affs Outstanding GOs at 'AAA'

NEW YORK--January 12, 2009 -- Fitch Ratings has assigned an 'F1+' rating to the town of Greenwich, Connecticut's $72 million of general obligation (GO) bond anticipation notes (BANs), issue 2009. The BANs are expected to sell competitively on Jan. 15, with proceeds refinancing currently outstanding BANs and providing additional funds for various capital improvement projects in the town.

Fitch also affirms the following outstanding ratings for Greenwich:

--$45 million BANs (due Jan. 29, 2009) at 'F1+';
--$28.7 million GO bonds at 'AAA'.

The Rating Outlook on the GO bonds is Stable.

Greenwich's superior 'AAA' rating reflects its considerable resource base, highlighted by exceptional wealth levels. A sizeable unreserved general fund balance deficit is due to the town's historical method of funding capital projects on a modified pay-as-you-go basis, and Fitch believes that the recent change to a capital borrowing approach will result in positive fund balances by fiscal 2011 or sooner. Low overall debt ratios, resulting from a long history of funding nearly all capital expenditures from current resources, will increase to more moderate levels with this change, but expected debt issuances are manageable and should be retired promptly. The short-term 'F1+' rating is based on Greenwich's general credit characteristics.

Greenwich is located in southwestern Connecticut approximately 28 miles from New York City and is one of the most affluent communities in the nation. Per capita income levels are two-and-a-half times that of the state and more than three times that of the nation. Many of the town's 61,871 residents (2007 estimate) are executives and professionals working locally or in surrounding Fairfield County communities and New York. The unemployment rate as of November 2008 was 4.6% (preliminary), well below the county, state, and national rates, reflecting the depth of employment opportunities. The town's $34.2 billion tax base, the largest of any municipality in Connecticut, is chiefly residential, although a substantial commercial component is made up of office space and high-end retail properties. Underlining the substantial tax base is a $2.3 million average home price and a very high market valuation per capita ratio of $789,645.

Greenwich's financial strength stems from its deep, stable resource base. Fiscal 2008 ended with a $13.3 million general fund surplus, which reduced the unreserved general fund deficit to $30.2 million from $43.4 million. In fiscal 2008, the town moved from the modified pay-as-you-go method of financing capital projects, which caused general fund deficits, to a more traditional capital borrowing approach.

Under the former method, the town appropriated the full cost of capital in one year and raised revenue to offset the appropriation in the same and subsequent four fiscal years. Fitch expects that planned 3.5% annual mill rate increases will provide sufficient funds to eliminate the general fund deficit no later than fiscal 2011 and sustain balanced operations going forward, despite increased debt levels. Positive fund balances in several other funds provide a degree of financial flexibility during the transition period.

The town's debt ratios are moderately low on a per capita basis ($1,776) and extremely low relative to taxable market value (0.2%). The strength of the latter ratio underscores Greenwich's considerable financial resources to meet its capital needs. Fitch expects that the town's overall debt ratios will increase to more moderate ranges with the issuance of approximately $317 million of GO bonds through fiscal 2018 to fund its 15-year, $538 million CIP. However, the debt burden should remain manageable and be retired rapidly.

Currently, 76% of principal amortizes within 10 years, reflecting a town policy to amortize almost all debt within five years. Pensions are fully funded as of the most recent valuation, and the town's $18.8 million of assets in an OPEB trust fund partially mitigate a manageable $63 million liability.

Fitch issued an exposure draft on July 31, 2008 proposing a recalibration of tax-supported and water/sewer revenue bond ratings which, if adopted, may result in an upward revision of this rating (see Fitch research 'Exposure Draft: Reassessment of the Municipal Ratings Framework'.) At this time, Fitch is deferring its final determination on municipal recalibration. Fitch will continue to monitor market and credit conditions, and plans to revisit the recalibration in the first quarter of 2009.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fitchratings.com&esheet=5869383&lan=en_US&anchor=www.fitchratings.com&index=1. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Contacts:

Fitch Ratings, New York
Ryan A. Greene, 212-908-0315
Ann Flynn, 212-908-9152

or



Media Relations:
Cindy Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com

COMMENTS:

Is The Greenwich Retirement Board Trying To Tell Greenwich Taxpayers Not To Worry About Illegally Appointed Captain Michael Pacewicz Big Pension Giveaway, Because Greenwich Has A "Considerable Resource Base, Highlighted By Exceptional Wealth Levels."

The Single Family Homeowners Of Greenwich Should Not Worry About The Extra Pension Money Bribe That Was Used To Get The Illegally Appointed Captain To Stop Blocking four High Level Police Positions And Resigns From The Greenwich Police Department.

Because Fitch Believes That The Town's $18.8 Million Of Assets In An OPEB Trust Fund Will "Partially Mitigate A Manageable" $63 Million Pension Liability That Greenwich Taxpayers Are Ultimately Responsible For.

Does Fitch Ratings Know About The Pension Deal That Town Hall Is Trying To Give Illegally Appointed Greenwich Police Captain Michael Pacewicz?

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04/10/09 - Greenwich Business News Wire

Fitch Rates Greenwich Hospital (Connecticut) Series 2008 Bonds 'AA-'; Outlook Stable

Earth Times

Fitch Ratings has assigned an underlying 'AA-' rating to the Connecticut Health and Educational Facilities Authority $55.0 million revenue bonds, series 2008, to be issued on behalf of Greenwich Hospital .

Therese Poletti's Tech Tales: Tech IPOs off to dreadful start this year

MarketWatch

... 237 deals, and $60 billion in proceeds, including over 50 tech company debuts, according to Renaissance Capital in Greenwich, Conn. Smaller companies began to consider going public again. But so far, only 22 companies have gone public so far this ...

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04/02/08 - 21 Million In General Obligation Bonds Gets Are Rated AAA BY Fitch

Fitch Rates Greenwich, CT's $21MM 2008 GO Refunding Bonds 'AAA'

Via BusinessWire

Fitch Ratings has assigned an 'AAA' rating to the town of Greenwich, Connecticut's approximately $21 million general obligation (GO) refunding bonds, issue of 2008. The bonds are expected to sell via negotiation the week of April 7, with proceeds refunding the series 2003 bonds. In addition, Fitch affirms the rating on the town's approximately $11.4 million of outstanding GO bonds at 'AAA'. The Rating Outlook is Stable.

Greenwich's superior 'AAA' rating reflects a considerable resource base, highlighted by exceptional wealth levels. The town's sizeable unreserved general fund balance deficit is due to its atypical method of funding capital projects on a modified pay-as-you-go basis, and Fitch believes a planned increase in debt financings will result in a positive fund balance within four fiscal years. Low overall debt ratios, resulting from a long history of funding nearly all capital expenditures from current resources, will increase with this change, but expected debt issuances are manageable and expected to be retired promptly.

Greenwich is located in southwestern Connecticut, only 28 miles from New York City, and is one of the most affluent communities in the nation. Per capita money income levels are more than twice that of the state and three times that of the nation. Many of the town's 62,077 residents (2006 estimate) are executives and professionals working locally, in surrounding Fairfield County communities, or in New York City. The unemployment rate as of January 2008 was 3.3% (preliminary), well below the state and national rates, reflecting the depth of employment opportunities. The town's $33.8 billion tax base, the largest of any municipality in Connecticut, is chiefly residential, although a substantial commercial component is made up of office space and higher-end retail properties. Underlining the substantial tax base is a $2.2 million average home price and a very high market valuation per capita ratio of $778,677.

Greenwich's financial strength stems from its deep, stable resource base. Officials have been able to plan multiyear capital and operating budget commitments with a high degree of certainty that resources will be available when needed. The fiscal 2007 unreserved general fund balance deficit equalled $43.4 million, or -11.9% of spending, and stems from the town's historical practice of appropriating the full cost of each capital project in one year and raising revenue to offset the appropriation in the same and subsequent four fiscal years. The town now plans to more broadly utilize debt financings and Fitch expects that planned 3.5% annual mill rate increases will provide sufficient funds to both eliminate the deficit over the near term and sustain balanced operations going forward. The town's substantial general fund operating surpluses ($33.8 million in fiscal 2007) provide a degree of financial flexibility during the transition period in fiscal years 2008-2011. Fitch does not believe the recent decision to increase debt financing of capital needs will reduce future financial flexibility, as the town has ample debt capacity and amortization should be very rapid. Annual budgets are designed to produce considerable operating surpluses and to provide for discretionary capital outlay. The fiscal 2009 general fund budget grew by 5.11% over the prior fiscal year and includes a 3.48% mill rate increase; officials expect to end the current fiscal year with a sizeable unreserved general fund balance gain.

The town's debt ratios are moderately low on a per capita basis ($1,395) and extremely low relative to taxable market value (0.18%). The strength of the latter ratio underscores Greenwich's considerable financial resources to meet expected debt needs. Principal amortization is very rapid at 75.4% within 10 years, reflecting a town policy to amortize almost all debt within five years. The town recently moved to a 15-year capital improvement plan (CIP) to facilitate long-term planning; the CIP anticipates $538.8 million of capital costs through fiscal 2023, which will be funded by pay-as-you-go sources, as well as the issuance of approximately $309 million of GO bonds through fiscal 2017. Pensions are fully funded, and the town's $17.4 million of other post-employment benefits fund assets partially mitigate a manageable $113.7 million liability.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

See Also:

Public relations, press release distribution, investor relations, SEC filing

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