Sunday, June 06, 2010

It begins - CT has its bond rating cut

My home state is the first, but it won't be the last. Ratings agencies are beginning to cut the bond ratings for the state. This will make it much more expensive to raise funds in the future

Connecticut is preparing to borrow $956 million to close a budget gap in the fiscal year beginning July 1, after borrowing money last year to cover a deficit of $947.6 million. Not good. Fitch has reduced the states credit rating from AA+ to AA.

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