Metropolitan District Hartford County, CT GO Outlook Revised To Stable From Negative On Hartford's Credit Stabilization

BOSTON (S&P Global Ratings) July 9, 2018--S&P Global Ratings revised its outlook to stable from negative and affirmed its 'AA' rating on Metropolitan District Hartford County (MDC), Conn.'s general obligation (GO) bonds. At the same time, we assigned our 'AA' long-term rating to the district's series 2018 GO bonds. The outlook on the long-term rating is stable. "The stable outlook reflects the credit stabilization of the city of Hartford, whose financial and liquidity position has dramatically improved," said S&P Global Ratings credit analyst Victor Medeiros, "because of a financial assistance agreement with the state of Connecticut, in addition to ongoing Municipal Accountability Review Board (MARB) oversight." (See our last rationale on Hartford , published April 13, 2018, on RatingsDirect.) The

...BOSTON (S&P Global Ratings) July 9, 2018--S&P Global Ratings revised its outlook to stable from negative and affirmed its '##' rating on Metropolitan District Hartford County (MDC), Conn.'s general obligation (GO) bonds. At the same time, we assigned our '##' long-term rating to the district's series 2018 GO bonds. The outlook on the long-term rating is stable. "The stable outlook reflects the credit stabilization of the city of Hartford, whose financial and liquidity position has dramatically improved," said S&P Global Ratings credit analyst Victor Medeiros, "because of a financial assistance agreement with the state of Connecticut, in addition to ongoing Municipal Accountability Review Board (MARB) oversight." (See our last rationale on Hartford , published April 13, 2018, on RatingsDirect.) The city represents 25.6% of MDC's tax base, and remits 15.7% of total general fund revenue (or 6.8% of total general and proprietary fund revenue). The stability of Hartford removes the risk that...

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