Senator Frantz Releases Statement on Moody’s Downgrade of the State of Connecticut

May 15, 2017

HARTFORD, Conn. – Today State Senator L. Scott Frantz (R-Greenwich) released the following statement regarding Moody’s Investors Service downgrade of the state of Connecticut.

“This marks the fifth time in the past year and the second in two business days that a Wall Street credit rating agency has downgraded our state,” said Sen. Frantz. “This news once again shows the dire fiscal circumstances that our state is in, and underscores the urgency that is needed to chart a new course for Connecticut. The growing forecast deficits were completely predictable over the years, as we have witnessed our tax base move to more tax friendly states.”

Moody’s lowered its credit rating on Connecticut’s General Obligation credit rating from Aa3 to A1.  Moody’s also lowered the credit rating for Special Tax Obligation bonds for transportation, UCONN 2000 bonds and other State bond programs.

“As legislators we know what has brought the state to this point,” said Sen. Frantz. “With only a few weeks left in this legislative session, now is the time to act.”