Governor Lamont Says Connecticut’s Four Credit Rating Upgrades Recognize a Major Shift in the Strengthening of the State’s Budgetary Practices
Credit Rating Upgrades Are the First Connecticut Has Received in More Than Two Decades
(HARTFORD, CT) – Governor Ned Lamont and Office of Policy and Management Secretary Melissa McCaw today are applauding the announcements over the last two days from three independent credit rating agencies that they are each upgrading Connecticut’s bond credit ratings. They include:
- An announcement on Thursday from S&P Global that it is upgrading Connecticut’s bonds to A+;
- An announcement on Thursday from Kroll that it is upgrading Connecticut’s bonds to AA; and
- An announcement today from Fitch that it is upgrading Connecticut’s bonds to AA-.
The three upgrades this week come on the heels of an announcement in March that Moody’s Investors Service is upgrading Connecticut’s rating to Aa3.
Collectively, the four upgrades are the first positive actions these agencies have taken on Connecticut’s credit in more than 20 years.
“These upgrades by S&P Global, Kroll, Fitch, and Moody’s are independent, third-party validations that our administration is putting Connecticut on the right track,” Governor Ned Lamont said. “For years, we’ve seen negative headlines about our finances and the state’s fiscal position, but this is even more proof that we are seeing sustained progress by addressing the sins of the past and investing in the future of this great state. We have made tremendous strides in just a few short years and the credit rating agencies are now taking notice. Our handling of the COVID-19 pandemic has led the country with common-sense measures which kept our residents safe while keeping our economy moving, and we are incredibly well-positioned to rebound as the impact of coronavirus subsides. Now is not the time to disrupt the fragile economic and financial environment by levying large-scale tax increases or creating massive new spending programs. This is the time to continue our strong financial practices, pay down our long-term debt, and foster growth that will enhance our long-term prospects and ensure that everyone knows the future is bright in Connecticut.”
“Connecticut’s rating upgrades under the Lamont administration are clearly indicative that we are moving in the right direction – paying down our long-term obligations, moderating our debt issuances, adhering to prudent budget management, and balancing the level of expenditure growth while investing in Connecticut’s comeback and future,” Secretary McCaw said. “We must be mindful of these strategic measures and stay the course. These credit rating upgrades are certainly good news and reflective of the hard work and difficult decisions we have had to make, and it is a reminder that in order for us to move ahead, we must keep our focus on investment and sustainability in the years and decades to come.”