Standard&Poor's Ratings Services has assigned its 'AA' long-term rating, and stable outlook, to Connecticut's $730 million series 2014A special tax obligation (STO) bonds for transportation infrastructure purposes, and series 2014B STO refunding bonds for transportation infrastructure purposes. At the same time, Standard&Poor's has affirmed its 'AA' rating, with a stable outlook, on the state's STO senior parity bonds ($3.3 billion) and second-lien bonds ($399.3 million). The STO bonds are secured by a first-lien pledge of revenues to the special transportation fund (STF), paid before transportation operations. According to bond counsel, the funds are deemed to be appropriated each year and no further legislative approval is required. We base our ratings on our assessment of the following
