(HARTFORD, CT) – Governor Ned Lamont’s Director of Communications Maribel La Luz today released the following statement:
“When politics interferes with sound fiscal policy, the people of Connecticut pay the ultimate price. As legislative leaders and our office have already stated, Senator Fonfara’s proposal raises serious concerns from the executive and legislative branches on both sides of the aisle. It’s clearly a reaction to the governor’s debt diet which S&P, Fitch, Kroll, and Moody’s ratings agencies have applauded and rewarded the state with an increased outlook. As we previously said, we completely reject this idea and will continue to work with the legislature to develop a responsible honest state budget.”
ICYMI – Support from the ratings agencies for Governor Lamont’s Debt Diet and efforts to stabilize Connecticut’s finances:
- S&P: “The outlook change to positive reflects the increased likelihood that Connecticut will preserve recently replenished reserves at what we view as strong levels, and that the state's high debt levels could moderate if the governor's proposal for a new ‘debt diet’ is carried through into policy.”
- Fitch: “The state's long-term liability burden is elevated and among the highest for a U.S. state. Long-term debt consists primarily of GO and transportation borrowings, with much of GO borrowing undertaken on behalf of local schools.”
- Kroll (KBRA): “KBRA views Connecticut’s management structure and policies as providing a very strong framework for managing its financial operations and debt issuance compared with other states…The newly elected Governor, Ned Lamont, has identified fiscal stability as one of his top priorities..”
- Moody’s Credit Strengths: “Strong governance with the ability to make mid-year budget adjustments...Pro-active initiatives to mitigate impacts of revenue volatility and build rainy day fund.”