Wall Street issued its loudest warning to date Monday, asserting that Connecticut’s budget impasse will threaten credit to nearly one-third of all cities and towns.
Moody’s Investors Service announced measures that could lead to lower bond ratings — and higher interest costs — for 51 municipalities and six regional school districts, affecting nearly $7 billion in outstanding debt.
Locals on the potential downgrade list include the City of Shelton and the Town of Oxford.
The announcement comes about three weeks after S&P Global Ratings put Derby on a negative outlook due to the state budget mess and weak cash reserves.
