Norwalk officials warned reserves must hold as debt approaches $650 million capacity Munistat told Norwalk’s Finance and Claims Committee and BET that while the city retains AAA headline ratings from Moody’s and S&P, weakening reserves in FY25 and rising debt (current $439M principal plus $102M authorized-but-unissued) mean the city must preserve or rebuild fund balance to avoid losing the notch that supports AAA status.

Norwalk officials are sounding the alarm: as debt nears $650 million, dwindling reserves could threaten the city’s coveted AAA credit ratings.

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