Connecticut's Series 2015A&B Special Tax Obligation Bonds Rated 'AA' With A Stable Outlook

NEW YORK (Standard&Poor's) Sept. 29, 2015--Standard&Poor's Ratings Services has assigned its 'AA' long-term rating, and stable outlook, to Connecticut's $700 million series 2015A special tax obligation (STO) bonds for transportation infrastructure purposes, and $140 million series 2015B STO refunding bonds for transportation infrastructure purposes. At the same time, Standard&Poor's has affirmed its 'AA' rating on the state's STO senior parity bonds ($3.7 billion) and second-lien bonds ($334.4 million). The outlook is stable. The STO bonds are secured by a first-lien pledge of revenues to the Special Transportation Fund (STF), paid before transportation operations. According to bond counsel, the funds are deemed to be appropriated each year and no further legislative approval is required. We

...NEW YORK (Standard & Poor's) Sept. 29, 2015--Standard & Poor's Ratings Services has assigned its '##' long-term rating, and stable outlook, to Connecticut's $700 million series 2015A special tax obligation (STO) bonds for transportation infrastructure purposes, and $140 million series 2015B STO refunding bonds for transportation infrastructure purposes. At the same time, Standard & Poor's has affirmed its '##' rating on the state's STO senior parity bonds ($3.7 billion) and second-lien bonds ($334.4 million). The outlook is stable. The STO bonds are secured by a first-lien pledge of revenues to the Special Transportation Fund (STF), paid before transportation operations. According to bond counsel, the funds are deemed to be appropriated each year and no further legislative approval is required. We base our ratings on our assessment of the following factors: + A diverse mix of pledged revenues, in our view, that are levied on a large statewide economic base (population: 3.6 million); + Connecticut's...

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