Rating agency downgrades Hartford’s bonds, cites budget woes

The Hartford skyline,  2014.
The Hartford skyline, 2014.

HARTFORD, Conn. (AP) — A major rating agency has downgraded the credit rating of Hartford, saying Connecticut’s capital city lacks a credible plan to balance its budget and fix future projected deficits.

S&P Global Ratings announced Thursday it was lowering Hartford’s rating on general obligation bonds by four notches, from A-plus to BBB.

S&P credit analyst Timothy Little says the agency also issued a “negative outlook” for Hartford, adding there’s “uncertainty regarding the city’s ability to enact deficit migration measures, coupled with the significant budget gaps the city projects for the next five years.”

Democratic Mayor Luke Bronin, elected last year, says the agency’s action reflects what he’s been saying for months: Hartford can’t cut or tax its way out of this fiscal crisis.

Bronin has been pushing for regional financial help for Hartford.

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s