Fasano Statement on Credit Rating Agency Downgrades

May 19, 2016

Hartford – Senate Minority Leader Len Fasano (R-North Haven) released the following statement about Standard & Poor’s and Fitch Ratings announced downgrades of Connecticut’s General Obligation bonds from AA to AA-.

“By building budgets for elections and not generations, Connecticut hasn’t made the structural changes needed to ease the minds of credit rating agencies. The Democrat majority has failed to mitigate higher debt in future budgets – budgets that will fall onto the backs of our children and our grandchildren. By approving a ‘business-as-usual’ budget, the Democrat legislature has not done its job to tackle the state’s pension issues, debt ratio, and poor spending habits.

“It’s sad to see this, because if our state had implemented some of the structural changes Republicans have been talking about for years, perhaps we wouldn’t see this downgrade today. If we had enacted a spending cap and implemented a cap on bond allocations and issuances, then these ratings agencies would have seen a serious effort to tackle state spending habits and growing debt. If we had passed a bill to require legislative votes on union contracts, they would have seen an honest effort to tackle future unfunded pension liabilities. But instead we have a state in which tax increase after increase has only made our financial problems more challenging, and a legislature that continues to avoid the real, long term changes that would change the way we do business.”