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July 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Lamont touts latest round of credit ratings for Connecticut

Gov. Ned Lamont is touting the latest round of credit ratings for the state, which he said are proof that Connecticut’s finances are stabilizing.

Kroll Bond Rating Agency is raising the state’s outlook from negative to stable. S&P, Moody’s, and Fitch each held their previous ratings, with S&P at “A” with a positive outlook, Moody’s at “A1” with a stable outlook, and Fitch at “A+” with a stable outlook.

“The credit rating agencies have affirmed Connecticut is continuing to move in the right direction,” Lamont said, “but there is still much work to be done. The credit rating agencies, investors, businesses around the globe, and our taxpayers are watching what we do and have responded positively – so far.

“As we move forward,” he continued, “we cannot let them down by returning to old, bad habits and hoping for a different result. We have seen our focus and dedication to financial prudence rewarded and we must keep working to ensure these practices are enduring and our state is best positioned to withstand whatever the future may hold.”

“From enacting the Teacher Pension Restructuring Plan to increasing our budget reserves, every responsible step we take now to stabilize our state’s finances is a down payment on Connecticut’s future,” State Treasurer Shawn Wooden said. “The financial sector is paying attention to the positive changes happening in Connecticut. And while there’s more work to do in addressing our long-standing economic challenges, today’s promising credit outlook underscores that we are moving in the right direction.”