March 16, 2018

Fitch scores Connecticut debt ‘A+’

Fitch Ratings has given "A+" ratings to a pair of bond issuances the state of Connecticut plans to sell to investors later this month.

The New York debt-rating agency said Friday its latest ratings cover $617 million in general obligation ($250 million) and refunding ($367 million) bonds.The ratings outlook is stable.

Fitch said the bonds are expected to be sold via negotiation around March 28.

Fitch said the ratings reflect "expectations for relatively flat economic and revenue performance that will continue to challenge the state, … together with the state's broad economic resource base and the continued fiscal flexibility inherent in a state's budget autonomy."

Fitch did raise other red flags about the state's economic and fiscal outlook, including long-term liabilities that remain above the nation's state average, but said Connecticut's "wealthy, mature and diverse economy anchored by a large finance sector and important manufacturing and education and health sectors," still give it some stability.

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