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Hartford (CT) Downgraded Further Into Junk Status
Hartford Downgraded Further Into Junk Status
Two credit-ratings firms on Tuesday downgraded the city of Hartford’s financial status further into junk status, citing an increased likelihood of default as early as November.
Assured Guaranty Ltd., Hartford’s biggest bond insurer, said Monday it offered to help the city postpone payments on as much as $300 million in outstanding debt so it could avoid bankruptcy.
The state of Connecticut has its own fiscal problems. State lawmakers failed to pass a budget before the start of the fiscal year in July to close a two-year budget hole of $3.5 billion.
https://www.wsj.com/articles/hartford-downgraded-further-into-junk-status-1506463708