S&P Global Ratings Press Release
On December 30, 2025, Standard & Poor’s Global Ratings (S&P), a national credit rating agency, lowered the Town of Bloomfield’s long-term credit rating from “AA+” to “AA”, which remains a strong investment grade rating. While this represents a one-notch change, a “AA” rating remains a very strong investment-grade rating and reflects Bloomfield’s continued ability to meet its financial obligations.
The rating change is related to the delays in completing the FY2021, FY2022, FY2023, and the pending FY2024 audited financial reports, not fraud, theft, depleted fund balance, elevated expenses, insufficient revenue generation or any other financial instability. Over the past several years, turnover in key leadership positions contributed to delays in audited financial reporting. The Town has taken this seriously and has already addressed the issues.
Bloomfield has made important progress upon Town Manager Alvin D. Schwapp, Jr.’s arrival, which included hiring a new Chief Financial Officer/Director of Finance, Deputy Director of Finance/Town Accountant, Payroll Manager, Purchasing Manager, strengthening internal controls, and completing fiscal year activity work needed for our external auditors to begin their auditing. S&P also recognized Bloomfield’s growing economy, rising property values, ongoing development, and healthy reserve levels as significant rating strengths.
Most importantly, Town services are not impacted, and Bloomfield continues to pay all of its bills and meet all debt obligations on time. There is no impact on taxes as a result of this rating action as the Town does not have plans to issue new debt in the near future.
The Town Council and Town Administration remain focused on accountability, transparency, and long-term financial stability. These steps are part of ensuring Bloomfield remains a strong, resilient community today and in the years ahead.