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MOODY’S UPGRADES HARTFORD’S ISSUER RATING

MOODY’S UPGRADES HARTFORD’S ISSUER RATING

 

HARTFORD, CONN (February 26, 2020) – Yesterday, Moody’s Investors Service upgraded Hartford’s long-term issuer rating from B1 to Ba3, highlighting the city’s “adherence to its financial recovery plan” and “cost saving measures taken by the city through labor contract agreements and tight expenditure controls,” as well as its contract assistance partnership with the State.  Moody’s also noted “there are positive indicators throughout the city’s economy,” including “emerging innovation industries.”

 

“Over the last four years, we have worked tirelessly to put Hartford on a path to long term sustainability and strength, and this positive ratings action from Moody’s underscores the progress we have made,” said Mayor Luke Bronin.  “We have much more work to do, and we are going to have tough and tight budgets for the foreseeable future, but we are also seeing investment and growth in Hartford that we have not seen in a long, long time.  We need to do everything we can to support and accelerate that growth, while continuing to manage with discipline and transparency, and with a relentless focus on our city’s long term strength.” 

 

“This ratings action is another affirmation of our disciplined management of City finances and the difficult decisions we have made over the last four years,” said City Treasurer Adam M. Cloud.  “There is growing confidence in our city, and we have to continue managing taxpayer dollars wisely and make key investments that benefit our residents to continue the progress we are seeing.” 

 

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