Wall Street agency gives Connecticut its first bond rating upgrade in 20 years

For the first time in 20 years, a Wall Street credit rating agency has formally upgraded its rating of Connecticut’s finances.

Moody’s Investors Service upgraded its ranking for two types of state bonds, a move that could generate — but doesn’t guarantee — reduced borrowing costs going forward.

“This rating upgrade is exceptional news for Connecticut and sends a clear signal that its improved long-term financial sustainability will contribute toward a strong economic recovery,” state Treasurer Shawn T. Wooden said Wednesday.

“We are a national leader in combating the COVID-19 pandemic, and due to our wise investments, robust savings, better than anticipated revenues and generous federal support, we are emerging as a financial leader among the states,” said Gov. Ned Lamont. “Our state has many challenges ahead, and there is much more work to be done, but it is essential we continue down this path and foster additional growth to best position us for the long term.”

Read more: https://ctmirror.org/2021/03/31/wall-street-agency-gives-ct-its-first-bond-rating-upgrade-in-20-years/

Moody’s raised Connecticut’s bond rating from A1 to Aa3.