Capitol Report: Hartford finances struggling without state budget

Capitol Report

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.”

Related Content: Hartford’s bond rating drops as default looms

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.”

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Elmer's Place in New Britain latest CT restaurant to get help from Barstool amid pandemic crisis

News /

Pastor Johnson, state capitol chaplain force in Hartford working to attract development in the city's predominantly Black North End

News /

Owl hit by car in Enfield back on its feet

News /

High schoolers in Simsbury honor life of Dr. Martin Luther King with permanent memorial at library

News /

Southington store turns your old sporting equipment into cash

News /

CT’s largest drive-thru COVID-19 vaccination clinic opens in East Hartford

News /
More Hartford

Trending Stories

Don't Miss

More Don't Miss