...S&P Global Ratings revised its outlook to positive from stable on the State of Connecticut and affirmed its 'A+' long-term rating on the state's outstanding general obligation (GO) debt. S&P Global Ratings also assigned its 'A+' rating, with a positive outlook, to the state's approximately $1.068 billion series 2022 GO bonds, consisting of: + $350 million GO bonds, series 2022A; + $150 million GO bonds, series 2022C; and + $567.6 million GO refunding bonds, series 2022D. The outlook revision to positive from stable reflects our view that there is a one-in-three chance we could raise our rating on the state over the two-year outlook horizon should Connecticut continue to demonstrate a firm commitment beyond the current biennium that supports structural balance and reducing its very high debt, pension, and other postemployment liabilities, while also preserving budget reserve fund (BRF) balances near statutory limits to manage potential economic headwinds and future budgetary pressures. We...
