Summary: State Of Connecticut; Appropriations; Gas Tax; General Obligation; General Obligation Equivalent Security; Moral Obligation; Public Coll/Univ - Unlimited Student Fees

S&P Global Ratings raised its long-term rating to 'AA-' from 'A+' on the State of Connecticut's approximately $17.7 billion in general obligation (GO) debt outstanding. At the same time, we assigned our 'AA-' rating to the state's $400 million GO bonds, series 2022E; $250 million GO bonds (social bonds), series 2022F, and $250 million GO refunding bonds, series 2022G. We also raised our rating to 'AA-' from 'A+' on debt secured by a special capital reserve fund, which we view to be on par with that of the state GO rating, including various issues by the Connecticut Housing Finance Authority, Connecticut Health&Educational Facilities Authority, and Connecticut Green Bank, as well as various other state-supported GO-equivalent securities, including GOs

...(Editor's Note: In this summary analysis, originally published Nov. 21, 2022, the short-term rating reflected for the state's series 2016C GO bonds and the Capital Region Development Authority's series 2004B bonds was incorrect. A corrected version follows.) Credit Profile...

Summary