S&P Global Ratings assigned its 'AA' long-term rating to the State of Connecticut's $875 million senior-lien special tax obligation (STO) bonds, 2023 series A, and approximately $340 million STO refunding bonds, 2023 series B. At the same time, S&P Global Ratings affirmed its 'AA' long-term and underlying (SPUR) ratings on the state's $7.24 billion senior-lien STO bonds outstanding. The outlook is stable. The senior STO bonds are secured by a first-lien pledge of revenues deposited into the state transportation fund (STF) before payment of operating expenditures. In accordance with the enabling act and bond provisions, pledged revenues are appropriated and do not require further legislative approval. Pledged revenues credited to, and deposited in, the STF are derived from the statewide
