(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 increasing Connecticut’s general obligation bond credit rating from A+ (positive) to AA- (stable). This credit rating increase follows increases in 2021 by several other agencies, including Moody’s, S&P, Fitch, and Kroll.

Prior to Governor Lamont taking office, Connecticut had not experienced an increase in its credit rating since February 2001.

Governor Lamont said, “Connecticut taxpayers should celebrate today’s news. This credit rating increase will mean lower costs for critical projects that move our state forward. 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. S&P recognizes the progress that has been made and that Connecticut is getting its mojo back.”

Secretary Beckham said, “As we develop next year’s budget, this credit rating increase sends strong signals for how we should proceed in the future. The budget we release in February will include an extension of the bond covenants that S&P stated as a key reason for our upgrade. If we are going to continue the positive progress made under this administration, those bond covenants and associated benefits must be a part of the final budget bill.”

In its notice to investors that was released today, S&P said, “The upgrade on the state’s GO debt reflects our view of Connecticut’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, which we expect will continue in future biennial budgets. Connecticut’s overall credit improvement is also underscored by the executive branch’s announcement and intent to extend statutory financial controls in the next biennial budget proposal, which supports our view that the state remains more firmly committed to these provisions for the foreseeable future.”

This press release was made possible by:

Stephen Krauchick

By Stephen Krauchick

DoingItLocal is run by Steve Krauchick. Steve has always had interest with breaking news even as an early teen, opting to listen to the Watergate hearings instead of top 40 on the radio. His interest in news spread to become the communities breaking news leader in Connecticut’s Fairfield County. He strongly believes that the public has right to know what is happening in their backyard and that government needs to be transparent. Steve also likes promoting local businesses.

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