S&P Global Ratings assigned its'AA'long-term rating to Connecticut's $1.2 billion series 2026B senior-lien special tax obligation (STO) bonds. At the same time, we affirmed our'AA'long-term rating and underlying rating on the state's senior-lien STO bonds outstanding. The outlook is positive. Once revenue has begun to be deposited in the state’s transportation fund (STF), there is first lien on (and a constitutional dedication of) the revenue collected statewide that secures the bonds. Pledged revenue is deemed appropriated and does not require further legislative approval for the payment of debt service. Pledged revenue deposited to the STF includes: A portion of the state's general retail sales and use tax, as specified under state statutes; Motor fuels taxes
