WATERFORD — Charter Oak Federal Credit Union has earned the top 5-Star rating from BauerFinancial Inc. for the first six months of this year, affirming that Charter Oak remains one of the strongest financial institutions in the nation.

“We’re pleased to again receive the top financial rating from BauerFinancial, which is a true reflection of our continuing financial strength,” said Brian A. Orenstein, Charter Oak’s president and chief executive officer. “This latest top rating shows that we’re managing Charter Oak’s finances in a very safe and sound manner,” he said.

Charter Oak’s 5-Star rating is based on June 30, 2016 financial data, which was made available by BauerFinancial in September 2016. The next BauerFinancial data will be based on September 30, 2016, financial data and will be available in mid-December.

BauerFinancial is the nation’s leading independent bank and credit union rating and research firm. The firm awards its top 5-Star rating only to those financial institutions that excel in their capital, asset quality, profitability and other financial areas.

Financial institutions that earn BauerFinancial’s top 5-Star rating are safe, financially sound and operating well above their regulatory capital requirements. The Coral Gables, Florida- based BauerFinancial compiles its financial data based on information reported to the National Credit Union Administration (NCUA), the governing federal agency for credit unions.