Summary: Connecticut; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'A' long-term rating to the State of Connecticut's series 2020A general obligation (GO) bonds and series 2020B GO refunding bonds. At the same time, we affirmed our 'A' long-term rating and underlying rating (SPUR) on the state's outstanding GO debt and 'A/A-1' rating on the state's series 2016C GO bonds. The outlook is positive. Our GO rating on Connecticut has remained on positive outlook since March 2019. The state is likely to maintain recently replenished reserves over the fiscal 2020-2021 biennium at levels we consider strong and has the potential to moderate its currently high debt levels if the governor's proposal for a "debt diet" is carried through into policy. Currently, Connecticut remains the only

...S&P Global Ratings assigned its 'A' long-term rating to the State of Connecticut's series 2020A general obligation (GO) bonds and series 2020B GO refunding bonds. At the same time, we affirmed our 'A' long-term rating and underlying rating (SPUR) on the state's outstanding GO debt and 'A/A-1' rating on the state's series 2016C GO bonds. The outlook is positive. Our GO rating on Connecticut has remained on positive outlook since March 2019. The state is likely to maintain recently replenished reserves over the fiscal 2020-2021 biennium at levels we consider strong and has the potential to moderate its currently high debt levels if the governor's proposal for a "debt diet" is carried through into policy. Currently, Connecticut remains the only state with a potentially high enough debt burden to trigger a one-notch downward override rating adjustment under our state rating methodology. During our two-year outlook horizon (since March 2019), we could raise the state GO rating if we believe...

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