Connecticut receives credit rating increase from S&P, Lamont takes credit
Connecticut Governor Ned Lamont is taking credit for state’s general obligation bonds getting a credit rating upgrade from S&P Global Ratings.
This is a signal to the business community that Connecticut is on the right financial path, said the Democratic governor, who just won reelection.
“People want to have an idea of what the state is going to look like in five, 10, 20 years,” Lamont said.
“You guys come out of business you want to invest with a little bit of stability. You want to have a sense of — look we have a rainy day fund. What that means is that if we get slammed by a recession sometime in the next six months, I’m not going to have to raise taxes. I’m not going to have to slash education spending. I’m not going to have to do what we historically do” Lamont told business executives at the12th annual Economic Forum at Fairfield University’s Dolan School of Business.
The S&P rate increase is from A+ (positive) to AA- (stable). It follows similar increases from other rating agencies including Moody’s and Fitch last year.