OPM Secretary Ben Barnes on today’s bond ratings:
“Unlike some of our neighboring states which have been downgraded over the last year, we’re grateful that we’ve retained our AA ratings in the face of what we’ve long known – that despite a rebounding economy, state revenue has been growing too slowly to keep up with expenditures. Moody’s affirmed the state’s Aa3 rating and stable outlook. Fitch retained its AA rating and negative outlook. Standard and Poor’s also retained an AA rating, identifying Connecticut’s fiscal management as “Strong”.
We anticipate significant revenue when tax returns are filed in April. We will negotiate a responsible and balanced biennial budget with legislative leaders, including funding of GAAP and our pension liabilities. We expect these factors, along with continued prudent fiscal management and economic improvement, will brighten the outlook for Connecticut’s credit.”