State news

Connecticut receives first bond rating upgrade in 20 years

HARTFORD, Conn. (AP) - Connecticut has received its first credit rating upgrade in two decades, prompting Democrat Gov. Ned Lamont to proclaim the state is "emerging as a financial leader among the states." Moody's Investor Services on Wednesday upgraded the state's general obligation bond rating one notch, from A1 to Aa3, citing the state's "significant budgetary reserves and good financial performance through the pandemic." The major rating agency noted that Connecticut's more than $3 billion budget reserve fund is "critical" to mitigating the state's "heavy debt and retiree benefit liabilities, which are among the highest of all states."

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