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

S&P Global Ratings has lowered its rating on the State of Connecticut's approximately $18.5 billion of general obligation (GO) debt outstanding to 'A' from 'A+'. The outlook is stable. At the same time, S&P Global Ratings has raised its rating on the City of Hartford, Conn.'s $540.1 million of GO debt multiple notches to 'A' from 'CCC' and removing the rating from CreditWatch (where it was placed with positive implications March 27), following the city signing a contract assistance agreement with the state, which has made this debt a general obligation of Connecticut. The outlook on Hartford's GO debt is stable. S&P Global Ratings has also assigned its 'A' rating and stable outlook to Connecticut's $300 million 2017 series C

...S&P Global Ratings has lowered its rating on the State of Connecticut's approximately $18.5 billion of general obligation (GO) debt outstanding to 'A' from 'A+'. The outlook is stable. At the same time, S&P Global Ratings has raised its rating on the City of Hartford, Conn.'s $540.1 million of GO debt multiple notches to 'A' from '###' and removing the rating from CreditWatch (where it was placed with positive implications March 27), following the city signing a contract assistance agreement with the state, which has made this debt a general obligation of Connecticut. The outlook on Hartford's GO debt is stable. S&P Global Ratings has also assigned its 'A' rating and stable outlook to Connecticut's $300 million 2017 series C variable-rate GO bonds outstanding, which were sold in a direct placement with Barclays Capital Inc. on June 28, 2017. Finally, S&P Global Ratings has lowered its rating on Connecticut's appropriation-secured debt to 'A-' from 'A' and state's moral obligation debt rating...

Summary