Connecticut receives first bond rating upgrade in 20 years
March 31, 2021
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HARTFORD, Conn. (AP) Connecticut on Wednesday received its first credit rating upgrade in two decades, prompting Democrat Gov. Ned Lamont to proclaim the state is “emerging as a financial leader among the states.”
Moody s Investor Services upgraded the state s general obligation bond rating one notch, from A1 to Aa3, citing the state s “significant budgetary reserves and good financial performance through the pandemic.”
The major rating agency noted that Connecticut s budget reserve fund estimated to end the year with $3.7 billion is “critical” to mitigating the state s “heavy debt and retiree benefit liabilities, which are among the highest of all states.”
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