Gov. Dannel P. Malloy continued to set the stage Wednesday for a landmark 2018 transportation finance debate, outlining nearly 400 capital projects worth $4.3 billion that would be suspended over the next five years because of inadequate funding.
Wall Street
Posted inEducation, Money, Politics
Shifting pension costs from state to teachers costs CT $20M
The transfer of tens of millions in required annual contributions to the teachers’ pension fund from the state and onto educators will increase the state’s long-term pension debt by more than $20 million, according to state Treasurer Denise L. Nappier.
Posted inCities & Towns, Money, Politics, Transportation
CT transportation system at risk of dramatic contraction
Connecticut’s cash-starved transportation program would need to scrap some rail services, drive up fares, suspend 40 percent of planned capital projects and defer major highway rebuilds like the Hartford Viaduct, to remain solvent over the next five years, Gov. Dannel P. Malloy’s administration has warned Wall Street.
Posted inMoney
CT towns to feel credit crunch even with a new state budget
Despite legislative approval of a bipartisan state budget, a major Wall Street credit rating agency warned Friday municipalities still will struggle to get affordable credit.
Posted inMoney
Budget fight threatens credit for a third of CT municipalities
Moody’s Investors Service announced measures that could lead to lower bond ratings — and higher interest costs — for 51 municipalities and six regional school districts, affecting nearly $7 billion in outstanding debt.
Posted inMoney, Politics
Malloy, Fasano team up to push for plan to cover current deficit
Gov. Dannel P. Malloy and Senate Republican leader Len Fasano teamed up to block some last-minute spending changes until the full legislature and administration can adopt a plan to cover the current budget deficit.
Posted inMoney
Moody’s adds to Connecticut’s woes on Wall Street
For the fifth time in the past year — and for the second in two business days — a Wall Street credit rating agency downgraded Connecticut’s status. Moody’s Investors Service lowered the state’s General Obligation bond rating Monday from Aa3 to A1, potentially raising the cost of borrowing.
Posted inMoney
CT takes another credit rating hit on Wall Street
Connecticut’s status on Wall Street took another hit Friday when a major credit rating agency downgraded the state’s bond rating — a move that could lead to higher borrowing costs.
Posted inMoney, Politics
A frosty Friday for Malloy, GOP over $350M in borrowing
The battle to balance Connecticut’s budget spilled over onto its credit card Friday at the Bond Commission, where the prospect of more borrowing sparked what Gov. Dannel P. Malloy called one of his “weirder” confrontations with legislators. Malloy and two Republican legislators on the commission sparred over the necessity for hundreds of millions of dollars in approved borrowing.
Posted inMoney
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.
Posted inMoney
Wall Street agency warns CT budgets will be bleak for years
A major Wall Street credit rating agency warned investors Wednesday that Connecticut’s weak economy and surging retirement benefit costs are likely to plague state budgets and test the state’s fiscal management for several years to come.
Posted inPolitics
Himes knocks progressives for rejecting centrist speaker at Dem retreat
BALTIMORE — Rep. Jim Himes, the co-chair of a group of centrist Democrats, on Thursday criticized efforts by progressives to try to sideline centrist messages at the annual gathering of House Democrats. The retreat is an effort by Democrats to find unity and a shared message after November’s electoral losses.
Posted inMoney
Wall Street agency gives CT pension deal a ‘credit positive’
Moody’s Investors Service, one of the four major credit rating agencies, labeled the proposal negotiated by Gov. Dannel P. Malloy’s administration and state union leaders as a “credit positive” for Connecticut in the agency’s weekly credit outlook statement.
Posted inMoney
S&P warns CT: Surging debt costs could lower bond rating
While legislators learned Wednesday how surging debt costs would hamper the next state budget, a major Wall Street credit rating agency downgraded its outlook for Connecticut for the same reason.
Posted inMoney
CT’s fiscal woes could mean higher municipal borrowing costs
A major Wall Street credit rating agency warned Thursday that Connecticut’s state budget woes and “dim economic growth” could make it more costly for its cities and towns to get credit.
