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MAYOR BRONIN, TREASURER CLOUD RESPOND TO S&P UPGRADE

MAYOR BRONIN, TREASURER CLOUD RESPOND TO S&P UPGRADE

HARTFORD, CONN. (April 16, 2018) – Today Mayor Luke Bronin and Treasurer Adam Cloud released the statements below after S&P Global Ratings raised its rating on the City of Hartford’s general obligation bonds multiple notches, from “CCC” to “A” on Friday.  Two weeks ago, Moody’s Investors Service upgraded the rating on Hartford’s general obligation bonds thirteen notches, from “Caa3” to “A2.”

“The second dramatic ratings upgrade in two weeks is another signal of that the comprehensive approach to Hartford’s fiscal crisis, combining tough decisions at the local level with a new partnership with the State of Connecticut, is the right one,” said Mayor Bronin.  “We’ve made tens of millions of dollars of spending cuts, achieved $10 million in labor savings over the past year, engaged our business community, and pushed for a new, long-term partnership with the State of Connecticut — coupling long-term assistance with long-term accountability.  Working together to achieve solvency and stability, our focus will turn to the important work of securing true long-term sustainability and strength in the years ahead.”  

“The action taken Friday reflects the significance of the contract agreement that was executed and that without it, the city’s path toward fiscal stability would not be possible,” said Treasurer Cloud.  “I want to thank the legislature as well as the State Treasurer and Secretary Barnes for their steadfast commitment to ensuring that our Capital City remains solvent.”

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