S&P Global Ratings assigned its 'AA' long-term rating to Connecticut 's $1.6 billion senior-lien special tax obligation (STO) bonds, series 2025 A. 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 stable. Once a revenue has begun to be deposited to the state?s transportation fund (STF), there is first lien on [and 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
