Press Release

For Immediate Release

May 4, 2026

Contact:

Jennifer Rose

Press Secretary, Office of Mayor Paul K. Pernerewski, Jr.

Email: Jrose@waterburyct.org 

City of Waterbury’s AA Bond Rating Affirmed with Stable Outlook by KBRA

(WATERBURY, CT) The City of Waterbury announced that Kroll Bond Rating Agency (KBRA), following its annual surveillance review, has affirmed the City’s General Obligation bond rating at AA with a Stable Outlook, as detailed in its April 27, 2026 report.

The AA rating, which was first achieved in April 2022, remains just two notches below the highest possible rating of AAA. KBRA cited the city’s strong governance, disciplined financial management, and ongoing economic development efforts as key factors supporting the affirmation.

KBRA highlighted Waterbury’s comprehensive budget process, regular financial monitoring, and adherence to long-term planning policies, including required annual funding of pension obligations. The city’s conservative budgeting practices have resulted in consistent general fund surpluses and steady growth in reserves since FY 2015.

Mayor Paul K. Pernerewski, Jr. credited the rating affirmation to the city’s sustained focus on fiscal discipline and strategic investment.

“This continued AA rating is a direct reflection of the disciplined financial management and forward-looking policies we have put in place,” said Mayor Pernerewski. “We have made difficult but necessary decisions to strengthen our financial position while continuing to invest in economic development, infrastructure, and the long-term stability of our community.”

The report also notes the city’s well-maintained financial operations and growing general fund reserves, alongside continued progress in economic development initiatives, including downtown redevelopment and major projects such as the Amazon fulfillment center currently under construction.

Director of Finance Michael LeBlanc emphasized the importance of consistent financial oversight and policy adherence.