NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA with a Negative Outlook to the State of Connecticut’s $550 million General Obligation Bonds (2016 Series A) (“2016 Series A Bonds”). KBRA has also affirmed the long-term rating of AA and revised the outlook from Stable to Negative on the State’s outstanding General Obligation Bonds, excluding bonds backed by a letter of credit or liquidity facility. After issuance of the 2016 Series A Bonds, the State’s outstanding general obligation debt will total approximately $18 billion.
This rating is based on KBRA’s U.S. State General Obligation Rating Methodology, published on March 28, 2012. The 2016 Series A Bonds are general obligations of the State and are secured by Connecticut’s full faith and credit pledge. All general obligation bond debt service of the State is deemed appropriated without further action by the State Legislature. The 2016 Series A Bonds will be issued as fixed rate bonds. Proceeds of the 2016 Series A Bonds will be used for various capital projects of the State.
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About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).