Summary: Capital Region Development Authority Connecticut; General Obligation Equivalent Security

S&P Global Ratings assigned its 'A' rating to Capital Region Development Authority (CRDA), Conn.'s $16.2 million parking and energy fee revenue bonds (2018 refunding bonds). S&P Global Ratings also affirmed its 'A/A-1' rating on the authority's $55.53 million outstanding series 2004B adjustable rate and its 'A' rating on the CRDA's $8.875 million series 2005C parity bonds to be outstanding after this refunding. The outlook is stable. The rating reflects: A statutory contract assistance agreement that has pledged the full faith and credit of the State of Connecticut to pay debt service on the bonds; and Our view of Connecticut's credit quality, as reflected in our general obligation rating (A/Stable) on the state. The 2018 bonds are being issued to refund

...S&P Global Ratings assigned its 'A' rating to Capital Region Development Authority (CRDA), Conn.'s $16.2 million parking and energy fee revenue bonds (2018 refunding bonds). S&P Global Ratings also affirmed its 'A/A-1' rating on the authority's $55.53 million outstanding series 2004B adjustable rate and its 'A' rating on the CRDA's $8.875 million series 2005C parity bonds to be outstanding after this refunding. The outlook is stable. The rating reflects: + A statutory contract assistance agreement that has pledged the full faith and credit of the State of Connecticut to pay debt service on the bonds; and + Our view of Connecticut's credit quality, as reflected in our general obligation rating (A/Stable) on the state. The 2018 bonds are being issued to refund in full CRDA's series 2008 D bonds outstanding. The series 2004B bonds are variable rate, with a standby bond purchase agreement (SBPA) with the Bank of America N.A. expiring Aug. 27, 2021, as per a fourth extension, which supports...

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