(HARTFORD, CT) – Governor Ned Lamont and Treasurer Erick Russell today are applauding the announcement from S&P Global Ratings that it is revising the State of Connecticut’s credit rating outlook, improving it from stable to positive.
During Governor Lamont’s time in office, Connecticut has received eight credit rating upgrades. Prior to the start of the Lamont administration, the most recent General Obligation bond rating upgrade Connecticut received was in 2001.
“After two decades of credit rating downgrades and rising costs, Connecticut is now experiencing repeated credit rating upgrades, indicating that investor confidence in our state’s fiscal stability is continuing to grow,” Governor Lamont said. “Wall Street is clearly recognizing the hard work Connecticut has done to put our fiscal house in order. As a result of these improvements, Connecticut is rapidly paying down its long-term debt, reducing fixed costs for taxpayers, and strengthening the retirement systems upon which our public employees depend. When businesses decide where to relocate, invest, or expand, they are seeing a state whose fiscal outlook has dramatically improved and whose long-term future is stronger than it has been in decades.”
“S&P Global’s improved outlook for Connecticut is another affirmation of our fiscal direction and the long-term commitments we’ve made to strengthen the state’s balance sheet,” Treasurer Russell said. “This outlook reflects disciplined budgeting, constructive engagement with the rating agencies, and measurable progress in reducing long-term pension liabilities. Stronger credit ratings help lower borrowing costs and expand Connecticut’s capacity to invest in the priorities that matter to our residents.”
“This improved credit outlook sends a clear message to employers and investors that Connecticut has built a stronger and more stable fiscal foundation,” Connecticut Office of Policy and Management Secretary Joshua Wojcik said. “Businesses looking to invest and expand want predictability, responsible government, and confidence that a state is positioned for long-term economic growth. Connecticut is doing just that. We cannot take that progress for granted, we must remain disciplined, not repeating the mistakes of the past, and continue making the responsible decisions that have put Connecticut on stronger fiscal footing.”
In its announcement, S&P Global said, “The outlook revision reflects our view of Connecticut’s commitment to reducing its high unfunded pension liabilities while sustaining budgetary balance and healthy reserves. The outlook revision also reflects our expectation that the state will maintain its commitment to fiscal balance and reducing long-term liabilities in the next fiscal biennium, while not significantly altering the guardrails it established to support budget predictability and fiscal balance, lower unfunded pension liabilities, and limit annual debt issuance.”
During the week of October 5, 2026, Treasurer Russell’s office plans to offer $1.475 billion of General Obligation Bonds in four series. The issuance will include $800 million of 2026 Series C tax‑exempt bonds and $300 million of 2026 Series B taxable bonds to support new projects, including economic development initiatives, municipal and nonprofit investments, urban action grants, school construction, agricultural land preservation, capital improvements, and general state purposes. The remaining offerings consist of approximately $242 million of 2026 Series D refunding bonds and $133 million of 2026 Series E forward‑delivery refunding bonds, which will refinance previously issued bonds to lower interest costs and generate debt service savings.
For more information on Connecticut’s bonding programs, visit buyCTbonds.gov.