For the first time in more than a decade, Connecticut received upgraded ratings for two bonds from Moody’s Investors Services, a shift that could lead to reduced borrowing costs from the state in years to come. Connecticut’s bond rating went from A1 to Aa3, its fifth-highest to its fourth-highest, placing Connecticut firmly in its “high quality” bond category. With this upgraded ranking, the state could be able to access reduced rates in future funding for projects including school construction, infrastructure upgrades and economic development programs, among others.
This is the result of more than a decade of hard work by legislators to manage the state’s budget and debt payments. To quote Moody’s, the upgrade “reflects the state’s continued commitment to numerous governance improvements that have already born fruit in the accumulation of significant budgetary reserves and good financial performance through the pandemic.”
This press release was made possible by: