Governor Lamont Announces Connecticut Receives Credit Rating Upgrade From S&P

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21/11/2022

Governor Lamont Announces Connecticut Receives Credit Rating Upgrade From S&P

(HARTFORD, CT) – Governor Ned Lamont today announced that his administration has received notification from credit rating agency Standard & Poor’s (S&P) that it is raising the credit rating of Connecticut general bonds. from A+ (positive) to AA- (stable). This credit rating increase follows increases in 2021 from several other agencies, including Moody’s, S&P, Fitch and Kroll.

Prior to Governor Lamont taking office, Connecticut had not seen a credit rating increase since February 2001.

Governor Lamont said“Taxpayers in Connecticut should celebrate today’s news. This credit rating boost will mean lower costs for critical projects that move our state forward. It’s a signal to businesses and residents alike. that our state is on the right fiscal path, that we have shown a commitment to getting our finances in order, and that we continue to make significant progress in settling our pensions and other post-employment benefits. . S&P acknowledges the progress that has been made and that Connecticut regains its mojo.

Secretary Beckham said, “As we put together next year’s budget, this credit rating upgrade sends strong signals about how we should proceed going forward. The budget that we will publish in February will include an extension of the bond covenants that S&P has declared as one of the main reasons for our upgrade. If we are to continue the positive progress made under this administration, these bond commitments and associated benefits must be part of the final budget bill.

In its notice to investors released today, S&P said“The state’s GO debt upgrade reflects our view of Connecticut’s sustained positive financial results and building high reserve levels during a recent period of economic and revenue growth, while demonstrating also its commitment to structural fiscal balance and by restraining the future growth of government very high debts, pensions and other post-employment benefits (OPEB), which we believe will continue in the future biennial budgets Connecticut’s overall credit improvement is also underscored by the executive’s announcement and intention to expand statutory financial controls in the upcoming biennial budget proposal, confirming our view that which the state remains more firmly committed to these provisions for the foreseeable future.

Twitter: @GouvNedLamont

Facebook: Office of Governor Ned Lamont




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