Standard & Poor's raised its outlook on Connecticut's general obligation bonds credit rating to "positive" from "stable," and affirmed the state's outstanding bond rating at an A, said a news release issued by Connecticut Treasurer Shawn T. Wooden's office.
This is the first positive outlook or credit rating upgrade for Connecticut's general obligation bonds since 2001.
This action comes nearly a week after Mr. Wooden, Gov. Ned Lamont and Office of Policy and Management Secretary Melissa McCaw made presentations in Hartford to all four national credit rating agencies on the state's improving economy, fiscal controls on bonding in the Mr. Lamont's proposed budget, increases in the budget reserve fund and common cash pool, and a plan to restructure the $18.7 billion state Teachers' Retirement Fund.
"This positive change in Connecticut's credit outlook is another significant step in the right direction that is drawing notice on a national level," Mr. Wooden said in the news release. "The next step is to follow through on plans to address our current economic challenges and continue building a stable foundation for future growth and financial sustainability."
The state is preparing to sell $850 million of general obligation bonds during the last week of March.