bonding

Recent Posts

Nappier, Malloy divided over how to fix teacher pension fund

State Treasurer Denise L. Nappier warned this week that Gov. Dannel P. Malloy’s recommendation that Connecticut defer and otherwise restructure contributions into the teachers’ pension fund could jeopardize the state’s standing on Wall Street. Continue Reading →

Filed under: , , , , , , ,

Wall Street firm: CT schools ruling helps state, hurts cities

A major Wall Street rating agency said the recent Connecticut Supreme Court ruling that the state provides at least a minimally adequate education in all school districts is a “credit positive” for state government, but a “negative” for its largest cities. Continue Reading →

Filed under: , , , , ,

Nappier pitches dedicating share of income tax to control borrowing costs

After watching its standing fall on Wall Street in recent years, Connecticut may have to pledge a portion of its income tax receipts when borrowing for future capital projects. State Treasurer Denise L. Nappier unveiled a program Monday she says will help control borrowing costs and enable the state to rebuild its depleted reserves. Continue Reading →

Filed under: , , , , ,

Analysis: CT bond premiums grow debt by $550M since 2011

State government added more than $550 million to its enormous debt burden over the past five years through its controversial practice of using borrowed funds effectively to support operating costs. An analysis prepared by Treasurer Denise L. Nappier’s office also noted, however, that the interest costs on these bond premiums are more manageable than some critics realize. Continue Reading →

Filed under: , , , , ,

Another Wall Street agency downgrades CT’s credit rating

Connecticut’s longstanding fiscal problems continued to raise concerns on Wall Street Tuesday as a third major rating agency downgraded the state’s credit ranking. Kroll Bond Rating Agency announced its downgrade Tuesday, citing Connecticut’s high debt, low reserves, eroding income tax receipts and a lack of wage growth. Continue Reading →

Filed under: , , , ,

New CT budget contributes to credit downgrades from Wall Street

The new state budget’s ability to mitigate longstanding fiscal problems got poor marks Thursday on Wall Street as two of the four major rating agencies downgraded Connecticut’s credit ranking — probably boosting borrowing costs in the future. Continue Reading →

Filed under: , , , , , , ,

Measure strips $1B in bonded projects off of CT’s credit card

The Senate voted late Thursday rebalance Connecticut’s credit card in the face of shrinking tax revenues, canceling or delaying about $1 billion in financing for a wide array of projects and programs, and to authorize $380 for municipal school construction, down significantly from recent years. Continue Reading →

Filed under: , , , , , , ,

Most Wall Street agencies have ‘negative outlook’ on CT finances

Three of Wall Street’s four major credit rating agencies have assigned a “negative outlook” to Connecticut’s bond rating — a warning that the state could face a downgrade, and higher borrowing costs in the next year or two. Continue Reading →

Filed under: , , , , , , ,

Moody’s: GE’s departure ‘underscores’ Connecticut’s fiscal, economic woes

While the partisan debate over GE’s departure from Connecticut continues, a major Wall Street rating agency sees a correlation between the move and the state’s ongoing fiscal and economic woes. Moody’s Investors Service cited the impending move as it issued a “credit negative” — not a formal rating downgrade — but rather a public statement about a development that could harm Connecticut’s financial standing in the long run. Continue Reading →

Filed under: , , , , ,

Auditors: UConn ‘burdened’ CT with $77M in ‘unnecessary interest costs’

UConn's John Dempsey Hospital in Farmington

The University of Connecticut burdened the state with an estimated $77 million in “unnecessary interest costs” when it secured financing 19 months ago for a new ambulatory services center in at the UConn Health Center in Farmington, the state auditors of public accounts reported Wednesday. Continue Reading →

Filed under: , , , , , , ,