CT receives credit rating increase from S&P
HBJ FILE PHOTO
The state Capitol building.
Credit rating agency S&P increased the state's bond rating from A+ (positive) to AA- (stable), Gov. Ned Lamont announced Monday.
The change follows increases in Connecticut's bond rating by other agencies, including Moody's, Fitch and Kroll, in 2021.
S&P said the upgrade reflects its opinion of the state's "sustained positive financial results and building of high reserve levels during a recent period of economic and revenue growth, while also demonstrating its commitment to structural budget balance and curbing future growth of the state's very high debt, pension and other postemployment benefit (OPEB) liabilities."
The agency said it expects the trends to continue.
Lamont said residents should celebrate the news because it means the state can borrow money at lower rates, which means lower costs for projects.
"It is a signal to the businesses and residents that our state is on the right financial path, that we have shown a commitment to putting our fiscal house in order and we are continuing to make significant progress to address our pension and other postemployment benefit liabilities,” Lamont said.
Until 2019, Connecticut had not seen an increase in its credit rating since February 2001.
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