KBRA Releases Report for State of Connecticut’s GO Bonds (2018 Series A) and GO Refunding Bonds (2018 Series B)

NEW YORK--()--On March 15, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA- with a Negative Outlook to the State of Connecticut (the “State”) General Obligation Bonds (2018 Series A) and General Obligation Refunding Bonds (2018 Series B).

KBRA also affirmed the long-term rating of AA- with a Negative Outlook on the State’s outstanding General Obligation Bonds and affirmed the long-term rating of AA- with a Negative Outlook on the State of Connecticut General Fund Obligation Bonds 2014 Series A Issued by Connecticut Innovations, Incorporated.

Additionally, KBRA affirmed the short-term rating of K1+ for the State’s General Obligation Bond Anticipation Notes (2017 Series A).

Ratings  
Issuer:   State of Connecticut (the "State")  
Series/Bond     Rating     Outlook     Action
General Obligation Bonds (2018 Series A)     AA-     Negative     Assigned
General Obligation Refunding Bonds (2018 Series B)     AA-     Negative     Assigned

General Obligation Bond Anticipation Notes (2017 Series A)

    K1+           Affirmed
General Obligation Bonds     AA-     Negative     Affirmed
Issuer:   Connecticut Innovations, Incorporated 1  
Series/Bond     Rating     Outlook     Action
State of Connecticut General Fund Obligation Bonds 2014 Series A     AA-     Negative     Affirmed
  KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
1 KBRA views the obligation of the State to pay debt service on the 2014 Series A Bonds as tantamount to the general obligation security of the State.
 

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical:
KBRA
Kate Hackett, 646-731-2304
Managing Director
khackett@kbra.com
or
Justin Schneider, 646-731-2453
Analyst
jschneider@kbra.com

Contacts

Analytical:
KBRA
Kate Hackett, 646-731-2304
Managing Director
khackett@kbra.com
or
Justin Schneider, 646-731-2453
Analyst
jschneider@kbra.com