CT Towns To Feel Credit Crunch Even With A New State Budget

Despite legislative approval of a bipartisan state budget, a major Wall Street credit rating agency warned Friday municipalities still will struggle to get affordable credit.

S&P Global Ratings also indicated it would review the state’s faltering bond rating if and when the budget becomes law. Gov. Dannel P. Malloy hasn’t said whether he would sign the deal, though it did pass both the House and Senate on Tuesday with veto-proof margins.

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Earlier this month, S&P Global Ratings warned of a negative outlook for Derby’s bond rating because of the state budget crisis and low cash reserves.

Then Moody’s Investors Service warned bond ratings could be downgraded in a number of towns due to the state’s budget problems, including Oxford and Shelton.

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