Connecticut Health and Educational Facilities Authority's (CHEFA) revenue bonds and taxable revenue bonds (New Opportunities for Waterbury Inc.) series A and B, respectively, are secured by payments from Connecticut that are paid from the state treasurer and consist of appropriations from the state General Assembly and funds intercepted and remitted from the Connecticut Department of Social Services. These bonds were sold in 1998 and were the first bonds issued by CHEFA under a 1997 statute authorizing the financing of child care facilities to meet demand for child care services in the state and facilitate school readiness objectives that have been established under state statute. The rating is based on the following credit factors: The revision to Connecticut statute that allows
