Connecticut 2020A,C GO Bonds Assigned 'A' Rating; Other Ratings Affirmed

NEW YORK (S&P Global Ratings) May 15, 2020--S&P Global Ratings has assigned its 'A' rating to the State of Connecticut's series 2020A and 2020C general obligation (GO) bonds. We have also affirmed our 'A' rating on the state's existing GO bonds outstanding, our 'A-' rating on state appropriation-backed debt, and our 'BBB' rating on the state's moral obligation debt. The outlook on all the ratings is stable. The state is issuing approximately $500 million of series 2020A (taxable) and $400 million of series 2020C (tax-exempt) GO bonds for various capital purposes. The full faith and credit of the state is pledged for the payment of principal and interest on the bonds. "Connecticut released updated consensus revenue forecasts at the end

...May 15, 2020 NEW YORK (S&P Global Ratings) May 15, 2020--S&P Global Ratings has assigned its 'A' rating to the State of Connecticut's series 2020A and 2020C general obligation (GO) bonds. We have also affirmed our 'A' rating on the state's existing GO bonds outstanding, our 'A-' rating on state appropriation-backed debt, and our '###' rating on the state's moral obligation debt. The outlook on all the ratings is stable. The state is issuing approximately $500 million of series 2020A (taxable) and $400 million of series 2020C (tax-exempt) GO bonds for various capital purposes. The full faith and credit of the state is pledged for the payment of principal and interest on the bonds. "Connecticut released updated consensus revenue forecasts at the end of April, projecting a $934.0 million deficit (4.8% of expenditures) in the general fund for fiscal 2020," said S&P Global Ratings credit analyst Timothy Little. To balance the budget this year, the state will use all of its expected volatility...

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