Summary: Connecticut Health and Educational Facilities Authority; Appropriations

S&P Global Ratings has assigned its 'A-' rating to the Connecticut Health and Educational Facilities Authority's (CHEFA) series 2021 state-supported child care revenue bonds and affirmed its 'A-' rating on CHEFA series 2015 and 2011 parity obligations. The outlook on all the bonds is stable. Securing the series 2021 bonds and other CHEFA state-supported 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 base the rating on appropriation risk to payments and application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" criteria (published Jan. 22, 2018, on

...S&P Global Ratings has assigned its 'A-' rating to the Connecticut Health and Educational Facilities Authority's (CHEFA) series 2021 state-supported child care revenue bonds and affirmed its 'A-' rating on CHEFA series 2015 and 2011 parity obligations. The outlook on all the bonds is stable. Securing the series 2021 bonds and other CHEFA state-supported 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 base the rating on appropriation risk to payments and application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect). The rating on the bonds is one-notch below that of the obligor's general creditworthiness, in this case, the State of Connecticut (general obligation [GO] debt rated A/Stable). We understand that...

Summary