In the latest rating hit to Connecticut, S&P Global Ratings revised its outlook on the state to negative from stable.

"The outlook revision reflects our view that projected growth in fixed costs could rise to a level we believe could comprise a substantial proportion of the state budget and thereby hamper Connecticut's budget flexibility as the state addresses large out-year budget gaps," S&P credit analyst David Hitchcock said Wednesday night.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.