KBRA Assigns AA- Rating to State of Connecticut GO Refunding Bonds (2019 Series B) and Revises Outlook on Outstanding GO Bonds to Stable

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- and Stable outlook to the State of Connecticut General Obligation Refunding Bonds (2019 Series B). Additionally, KBRA affirms the long-term rating of AA- on the State’s outstanding General Obligation Bonds as well as the long-term rating of AA- on the State of Connecticut General Fund Obligation Bonds 2014 Series A issued by Connecticut Innovations, Incorporated. The outlook for the affirmed ratings is revised to Stable from Negative.

Issuer: State of Connecticut

Assigned

Rating

Outlook

General Obligation Refunding Bonds

(2019 Series B)

AA-

Stable
(from Negative)

 

 

 

Affirmed

Rating

Outlook

General Obligation Bonds

AA-

Stable
(from Negative)

 

 

 

Issuer: Connecticut Innovations, Incorporated

Affirmed

Rating

Outlook

State of Connecticut General Fund Obligation Bonds 2014 Series A

AA-

Stable
(from Negative)

The rating actions are based on KBRA’s U.S. State General Obligation Rating Methodology and an assessment to the following rating determinants identified therein:

  • Management Structure, Budgeting Practices and Policies
  • Debt and Additional Continuing Obligations
  • Financial Performance and Liquidity Position
  • State Resource Base

A detailed report to follow.

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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 designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is 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 Contacts:
Paul Kwiatkoski, Managing Director
(646) 731-2387
pkwiatkoski@kbra.com

Patricia McGuigan, Director
(646) 731-3350
pmcguigan@kbra.com

Peter Scherer, Associate
(646) 731-2325
pscherer@kbra.com

Contacts

Analytical Contacts:
Paul Kwiatkoski, Managing Director
(646) 731-2387
pkwiatkoski@kbra.com

Patricia McGuigan, Director
(646) 731-3350
pmcguigan@kbra.com

Peter Scherer, Associate
(646) 731-2325
pscherer@kbra.com