Connecticut GO Debt Downgraded To 'A' From 'A+' On The State's Increased Debt Ratios; Outlook Stable

NEW YORK (S&P Global Ratings) April 13, 2018--S&P Global Ratings has lowered its rating on the State of Connecticut's approximately $18.5 billion of general obligation (GO) debt outstanding to 'A' from 'A+'. The outlook is stable. At the same time, S&P Global Ratings has raised its rating on the City of Hartford, Conn.'s $540.1 million of GO debt multiple notches to 'A' from 'CCC' and removing the rating from CreditWatch (where it was placed with positive implications March 27), following the city signing a contract assistance agreement with the state, which has made this debt a general obligation of Connecticut. The outlook on Hartford's GO debt is stable. S&P Global Ratings has also assigned its 'A' rating and stable outlook

...NEW YORK (S&P Global Ratings) April 13, 2018--S&P Global Ratings has lowered its rating on the State of Connecticut's approximately $18.5 billion of general obligation (GO) debt outstanding to 'A' from 'A+'. The outlook is stable. At the same time, S&P Global Ratings has raised its rating on the City of Hartford, Conn.'s $540.1 million of GO debt multiple notches to 'A' from '###' and removing the rating from CreditWatch (where it was placed with positive implications March 27), following the city signing a contract assistance agreement with the state, which has made this debt a general obligation of Connecticut. The outlook on Hartford's GO debt is stable. S&P Global Ratings has also assigned its 'A' rating and stable outlook to Connecticut's $300 million 2017 series C variable-rate GO bonds outstanding, which were sold in a direct placement with Barclays Capital Inc. on June 28, 2017. Finally, S&P Global Ratings has lowered its rating on Connecticut's appropriation-secured debt to 'A-'...

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