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May 20, 2021

Hot housing market pushes CT to best-ever Conning ‘credit quality’ ranking

Photo | CT Mirror The state Capitol.
By Matt Pilon

Connecticut’s credit quality is the best its been in 14 years, according to Hartford-based investment manager Conning Inc.

Connecticut ranked 32nd in Conning’s latest “State of the States” report, which was the best showing since Conning began releasing the ranking in 2007. Connecticut had jumped to 40th a year ago, which was its best rank since 2011.

The biggest change for Connecticut in the ranking from a year ago was the increasing price of homes sold. Conning also gave Connecticut higher marks for its financial reserves and GDP growth.

The state’s overall score continued to be hampered by high debt levels, sluggish population growth and taxes.
Utah remained in the top spot from a year ago.

Overall, Conning revised its outlook on state credit quality to “stable,” after downgrading it to “negative” a year ago.

“Overall, it was surprising to see that the pandemic had minimal effect on states’ credit quality,” Karel Citroen, Conning’s head of municipal credit research and lead author of the ranking report. “This was due to unprecedented federal aid and quickly improving economic conditions, which stabilized state credit quality and allowed many to save their reserves, placing states in a relatively healthy position moving into FY 2022.”
 

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