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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 →

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Labor costs, tax receipts, threaten new CT budget before it starts

With Connecticut’s new fiscal year set to begin Friday, serious issues — involving both spending and revenue — have arisen in recent weeks that challenge state government’s new spending plan before it’s even begun. And a major Wall Street credit rating agency questioned Monday whether Connecticut’s fiscal house is in order. Continue Reading →

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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 →

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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 →

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Lembo reports $220M deficit, confirms eroding tax receipts

State Comptroller Kevin P. Lembo certified a $220 million deficit Tuesday for the current fiscal year, a report that largely echoes last week’s warning from the legislature’s nonpartisan analysts about eroding state income tax receipts. Continue Reading →

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Nappier: Malloy’s budget doesn’t cover state’s credit card bill

Gov. Dannel P. Malloy’s new budget proposal could be $50 million to $74 million out of balance if state Treasurer Denise L. Nappier and the legislature’s nonpartisan analysts are correct about what Connecticut owes on its credit card. Continue Reading →

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State must cut its borrowing to avoid maxing out credit card

Connecticut is on pace to exceed its hard credit card limit by more than $320 million in two years — a projection that will tighten available borrowing for local schools, public colleges and universities, state building renovations and various projects in legislators’ districts. Continue Reading →

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CT staring at another $1B deficit after next state election

Since Gov. Dannel P. Malloy’s administration announced state income tax receipts were lagging due to weak stock market earnings, much of the Capitol’s focus has been on the relatively small hole it opened in the current budget. But the projected loss of $100 million in tax receipts this year also exacerbates a much bigger budget problem just down the road. Continue Reading →

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New CT budget gets mixed reviews from Wall Street

While praising Gov. Dannel P. Malloy and the legislature for adopting a two-year plan that is balanced and relies on few one-time revenues, the agencies also noted that Connecticut continues to struggle with “tepid” revenue growth and a small budget reserve that leaves the state vulnerable to “future fiscal shocks.” Continue Reading →

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