Governor Lamont and Treasurer Wooden: Ratings Agencies Continue to Affirm That Connecticut's Finances Are Stabilizing Under New Administration
Kroll Upgrades State’s Rating Outlook to Stable; S&P, Moody’s, and Fitch Hold Ratings
(HARTFORD, CT) – Governor Ned Lamont and State Treasurer Shawn T. Wooden are applauding the news today that the Wall Street credit rating agencies are continuing to affirm that Connecticut’s finances are stabilizing.
In particular, Kroll 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.
Governor Lamont said, “The credit rating agencies have affirmed Connecticut is continuing to move in the right direction, but there is still much work to be done. This year we were able to deliver an honestly balanced budget on time that held the line on tax rates for everyone, took significant steps to address the fixed costs, and added to our reserves – creating the largest budget rainy day fund in state history. In addition, we have remained firm that our capital expenses need to be scaled back and we need to focus on sustainable, predictable, and forward-looking solutions to ensure Connecticut’s future remains bright. 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 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.”
Treasurer Wooden said, “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. 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.”
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