Summary: Connecticut; Gas Tax

S&P Global Ratings has assigned its 'AA' long-term rating, and stable outlook, to the State of Connecticut's $750 million series 2018B special tax obligation (STO) bonds for transportation infrastructure purposes, and $100 series 2018C million STO refunding bonds for transportation purposes. At the same time, S&P Global Ratings has affirmed its 'AA' rating on the state's STO parity senior bonds ($5.3 billion) and second-lien bonds ($123.8 million). The outlook is stable. The series 2018B, the series 2018C, and parity senior STO bonds are secured by a first-lien pledge of revenues to the Special Transportation Fund (STF). According to bond counsel, the funds are deemed to be appropriated at time of issuance and no further legislative approval is required. We base

...S&P Global Ratings has assigned its '##' long-term rating, and stable outlook, to the State of Connecticut's $750 million series 2018B special tax obligation (STO) bonds for transportation infrastructure purposes, and $100 series 2018C million STO refunding bonds for transportation purposes. At the same time, S&P Global Ratings has affirmed its '##' rating on the state's STO parity senior bonds ($5.3 billion) and second-lien bonds ($123.8 million). The outlook is stable. The series 2018B, the series 2018C, and parity senior STO bonds are secured by a first-lien pledge of revenues to the Special Transportation Fund (STF). According to bond counsel, the funds are deemed to be appropriated at time of issuance and no further legislative approval is required. We base our ratings on our assessment of the following factors: + A currently diverse mix of pledged revenues, in our view, that are levied on a large wealthy statewide economic base (population: 3.6 million); + Connecticut's history of...

Summary