Summary: Connecticut; Appropriations; General Obligation; General Obligation Equivalent Security; Moral Obligation

S&P Global Ratings has assigned its 'A' rating to the State of Connecticut's $889.135 million general obligation (GO) bonds, series 2018E and 2018F, and taxable GO bonds, series 2018A. At the same time, S&P Global Ratings has affirmed its 'A' rating on approximately $18.3 billion of GO bonds outstanding. In addition, S&P Global Ratings has affirmed its 'A-' rating on state appropriation-backed debt, and its 'BBB' rating on state moral obligation debt. The outlook on all ratings is stable. The GO rating on Connecticut reflects our view of the following factors: The state's high income levels; A diverse economy; Active monitoring of revenues and expenditures to identify and correct midyear budget gaps, as exemplified by midyear budget adjustments made in

...S&P Global Ratings has assigned its 'A' rating to the State of Connecticut's $889.135 million general obligation (GO) bonds, series 2018E and 2018F, and taxable GO bonds, series 2018A. At the same time, S&P Global Ratings has affirmed its 'A' rating on approximately $18.3 billion of GO bonds outstanding. In addition, S&P Global Ratings has affirmed its 'A-' rating on state appropriation-backed debt, and its '###' rating on state moral obligation debt. The outlook on all ratings is stable. The GO rating on Connecticut reflects our view of the following factors: + The state's high income levels; + A diverse economy; + Active monitoring of revenues and expenditures to identify and correct midyear budget gaps, as exemplified by midyear budget adjustments made in fiscal years 2015, 2016, and 2017; + An increase in budget reserves from a low 1.2% of expenditures at fiscal year-end 2017, to a good 6.2% of expenditures at fiscal year-end 2018; + Recently implemented bond covenants that for five...

Summary