Connecticut’s credit rating takes a hit; weak revenue blamed

HARTFORD, Conn. (AP) — Another bond rating agency has downgraded Connecticut‘s credit worthiness.

Fitch Ratings Inc. announced Friday it was lowering its rating from AA- to A-plus, with a “stable” outlook. The rating agency said the downgrade is based on “reduced expectations for economic and revenue performance over the medium term.”

The news comes as Connecticut has seen a decline in revenue from the personal income tax.

Fitch’s announcement marks latest downgrade from a credit rating agency over the past year.

Democratic State Treasurer Denise Nappier says the change “empathizes the daunting task we face,” adding how the state is “under very significant macroeconomic pressures and continued revenue weaknesses.”

Democratic Gov. Dannel P. Malloy and Democratic and Republican legislative leaders will meet next week to discuss how to close a $2.3 billion budget deficit.

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