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Easton Returns to Stable AAA Rating

EASTON, Conn. – Easton’s debt outlook was upgraded to a stable AAA rating on Thursday by Moody’s Investor Service.

The credit rating agency put Easton on a “negative watch” in August because of a possible downgrade of U.S. debt. Originally Easton, along with 161 local governments, were identified as indirectly linked the U.S. government, affecting a total of $69 billion of debt.

"Today's actions are based on an expanded evaluation of the exposure each municipality has to the U.S. government, including economic sensitivity to federal spending reductions, dependence on federal transfers and exposure to capital markets disruptions" said Naomi Richman, Moody's managing director.

Easton First Selectman Thomas Herrmann said: “This roller coaster ride has nothing to do with the sound fiscal condition of our town, but everything to do with a ratings agency trying to come to grips with the potentially far reaching impact of U.S. fiscal policy.”

“Moody’s decision to change the outlook on Easton from stable to negative, pending a review of Easton, was entirely due to the fact that Moody’s placed U.S. credit under review for a possible downgrade," Herrmann added. "The U.S. credit watch is due to a number of factors including federal spending, taxation, and debt policies as well as a troubled decision making process in Congress.”

Darien, Greenwich, Madison, New Canaan, Norwalk, Ridgefield, Wallingford, Weston, Westport, Wilton and Woodbridge also returned to a stable rating. Fairfield was the only town that is still on the Moody’s negative watch list.

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