Connecticut Receives First Credit Rating Upgrade in More Than 20 Years

 

Governor Ned Lamont today announced that Moody’s Investors Service has upgraded Connecticut’s General Obligation bonds credit rating from “A1” to “Aa3,” making it the first credit rating upgrade the state has received since February 2001.

 

“This upgrade from Moody’s is the first for our state in more than 20 years and is yet another strong indication of Connecticut’s comeback,” Governor Lamont said. “We are a national leader in combating the COVID-19 pandemic, and due to our wise investments, robust savings, better than anticipated revenues, and generous federal support we are emerging as a financial leader among the states. We have also been committed to paying down our long-term pension liabilities, and been prudent in our budget management, as we ended the last fiscal year in surplus and are projected to do so to the end the current fiscal year.

 

“Our state has many challenges ahead and there is much more work to be done, but it is essential we continue down this path and foster additional growth to best position us for the long term. This report should build confidence in our business community and our residents, as it provides outside validation that Connecticut continues to make prudent financial decisions that set the state up for growth now and into the future, which are critical as we emerge from the COVID-19 pandemic. This news is welcome, as it also comes at a time when we will begin to benefit from American Rescue Plan funding, which I view as transformative in moving our state forward.”