Summary: Connecticut Health&Educational Facilities Authority; Appropriations; Moral Obligation

Standard&Poor's Ratings Services has assigned its 'AA-' rating to the Connecticut Health and Educational Facilities Authority's (CHEFA) state-supported child care revenue bonds, series 2015, supported by the state of Connecticut (AA/Negative). At the same time, Standard&Poor's affirmed its 'AA-' rating on the authority's series 2011 state appropriation-secured child care revenue bonds, and its 'A' underlying rating (SPUR) on the series G child care bonds. The outlook on all bonds is negative, reflecting our recent outlook revision to negative from stable on Connecticut's GO and appropriation-secured bonds outstanding. Securing the series 2015 CHEFA child care revenue bonds are payments from the state treasurer that fully cover debt service payments, subject to annual appropriation. The treasurer agrees to

...Standard & Poor's Ratings Services has assigned its '##-' rating to the Connecticut Health and Educational Facilities Authority's (CHEFA) state-supported child care revenue bonds, series 2015, supported by the state of Connecticut (##/Negative). At the same time, Standard & Poor's affirmed its '##-' rating on the authority's series 2011 state appropriation-secured child care revenue bonds, and its 'A' underlying rating (SPUR) on the series G child care bonds. The outlook on all bonds is negative, reflecting our recent outlook revision to negative from stable on Connecticut's GO and appropriation-secured bonds outstanding. Securing the series 2015 CHEFA child care revenue bonds are payments from the state treasurer that fully cover debt service payments, subject to annual appropriation. The treasurer agrees to include sufficient amounts in the budget request each year to cover debt service. We understand that bond proceeds from the series 2015 issue will be used to refund all of CHEFA's...

Summary