NEW YORK--()--Kroll Bond Ratings Agency (“KBRA”) has assigned a long-term rating of AA with a stable outlook to the State of Connecticut’s $400.0* million General Obligation Bonds, 2013 Series A (SIFMA Index Bonds) and Series B. In addition, KBRA affirms its long-term rating of AA with a stable outlook on the State’s outstanding General Obligation Bonds, excluding Bonds backed by a letter of credit or liquidity facility. After issuance of these Bonds, the State’s outstanding general obligation debt will total approximately $15.2 billion.
This rating is based on KBRA’s U.S. State General Obligation Rating Methodology and serves as an update to the State of Connecticut General Obligation 2012 Series A&B and State of Connecticut General Obligation Refunding Bonds 2012 Series G&B rating reports. The Bonds are General Obligations of the State and are secured by Connecticut’s full faith and credit pledge. Proceeds from the 2013 Series A and B will be used to fund various capital projects of the State. The 2013 Series A Bonds are scheduled to mature in 2012 and the 2013 Series B Bonds are scheduled to mature in 2033.
This report provides updated information on year end FY 2012 financial operations, the FY 2013 budget and early projections for actual FY 2013 operations, and updated economic indicators. In KBRA’s view the ability of the State’s leadership to raise revenues and cut expenditures continues to be very important in maintaining balanced operations.
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. 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).