Summary: State of Connecticut; Gas Tax

S&P Global Ratings assigned its 'A+' rating to Connecticut's pro forma $875 million series 2021A first-lien special tax obligation (STO) bonds, $11.6 million series 2021B STO refunding bonds, and $145.2 million series 2021C STO refunding bonds while also affirming its 'A+' rating on the state's first-lien STO bonds outstanding. The outlook is stable. The rating is based on the application of our priority-lien tax revenue debt criteria (published Oct. 22, 2018 on RatingsDirect), which factors in both the strength and stability of the pledged revenues, as well as the general creditworthiness of the state as issuing obligor. The priority-lien rating on the STO bonds is limited to one notch above our view of Connecticut's creditworthiness (general obligation [GO] rating: A/Stable)

...S&P Global Ratings assigned its 'A+' rating to Connecticut's pro forma $875 million series 2021A first-lien special tax obligation (STO) bonds, $11.6 million series 2021B STO refunding bonds, and $145.2 million series 2021C STO refunding bonds while also affirming its 'A+' rating on the state's first-lien STO bonds outstanding. The outlook is stable. The rating is based on the application of our priority-lien tax revenue debt criteria (published Oct. 22, 2018 on RatingsDirect), which factors in both the strength and stability of the pledged revenues, as well as the general creditworthiness of the state as issuing obligor. The priority-lien rating on the STO bonds is limited to one notch above our view of Connecticut's creditworthiness (general obligation [GO] rating: A/Stable) and is constrained from going higher unless there is an improvement in the state GO rating. In our view, the STO bonds do not benefit from limited scope of operations or extraordinary expenditure flexibility of the...

Summary