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Connecticut Achieves First Moody's Credit Upgrade Since 2001

Courtesy of Pixabay

Connecticut has received a Moody’s bond rating upgrade for the first time since 2001 — from “A1” to “AA3.”

Both Democratic Governor Ned Lamont and Republican opposition lawmakers take credit. Melissa McCaw, Lamont’s budget director, said Moody's upgrade is a validation of Lamont’s tight budget controls.

“Moody cites our very strong budget management. Some of our very strong controls, like controlling revenue that we rely on that are volatile. We call that our volatility cap. These are all signs that we are making sound decisions for Connecticut’s comeback,” McCaw said.

Senate Republican leader Kevin Kelly said GOP lawmakers should also get credit. He said they helped craft the bipartisan budget in 2017 that included the volatility cap which has now produced the state’s projected $3.7 billion rainy day fund.

He urges that Republicans be included in the state’s ongoing budget negotiations.

Democratic Treasurer Shawn Wooden said the state’s credit rating might still be below the national median, but the Moody’s upgrade is good news.

“Our taxpayers would pay less to borrow debt for basic projects that we need to get done in this state,” Wooden said.

He said that means Connecticut is headed in the right direction.

An earlier version of the story incorrectly referred to the state's economy, not its credit rating.

As WSHU Public Radio’s award-winning senior political reporter, Ebong Udoma draws on his extensive tenure to delve deep into state politics during a major election year.