KBRA Assigns AA- Rating to State of Connecticut GO Refunding Bonds (2019 Series B) and Revises Outlook on Outstanding GO Bonds to Stable

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA- and Stable outlook to the State of Connecticut General Obligation Refunding Bonds (2019 Series B). Additionally, KBRA affirms the long-term rating of AA- on the State’s outstanding General Obligation Bonds as well as the long-term rating of AA- on the State of Connecticut General Fund Obligation Bonds 2014 Series A issued by Connecticut Innovations, Incorporated. The outlook for the affirmed ratings is revised to Stable from Negative.

The rating actions are based on KBRA’s U.S. State General Obligation Rating Methodology and an assessment to the following rating determinants identified therein:

• Management Structure, Budgeting Practices and Policies
• Debt and Additional Continuing Obligations
• Financial Performance and Liquidity Position
• State Resource Base

A detailed report to follow.

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical Contacts:

Paul Kwiatkoski, Managing Director

(646) 731-2387

[email protected]

Patricia McGuigan, Director

(646) 731-3350

[email protected]

Peter Scherer, Associate

(646) 731-2325

[email protected]