HARTFORD, Conn. (WTNH) — Hartford took yet another blow last week when ratings agency Standard and Poor’s downgraded the state capital’s bond rating again.
Now, the city is being affected by what is called the “contagion effect.” According to a brief by Concord, Mass. Municipal Market:
Should the city of Hartford actually default or be permitted to file for Chapter 9 bankruptcy, other Connecticut cities are likely to face somewhat higher borrowing costs going forward.”
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Hartford Mayor Luke Bronin says the lack of a state budget is creating a large burden on his city, saying, “If there is no state budget and the state continues to operate under this executive order which has stripped enormous amounts of funding from our cities, we do not at this point see a clear path to meeting our financial obligations in the month of November.”
