Kroll Bond Rating Agency's downgrade "should not significantly affect" Connecticut's planned Aug. 3 $500 million general obligation bond sale for Aug. 3, said state Treasurer Denise Nappier.

On Tuesday, Kroll lowered Connecticut GOs to AA-minus from AA, citing the state's dwindling reserves.

"Kroll's rating is now in line with those of the other three rating agencies," Nappier said in a statement. "This action by Kroll reinforces Connecticut's need to address its current and long-term fiscal challenges with precision and in a manner that has positive, sustainable impact."

Moody's Investors Service assigns an Aa3 rating with a negative outlook to Connecticut GOs. In May, S&P Global Ratings and Fitch Ratings lowered the state's ratings one level to AA-minus with stable outlooks.

"One saving grace is that all four of the state's credit ratings remain in the high-quality double-A category," Nappier added.

Kroll revised its outlook to stable from negative for the lower rating. Kroll has rated the state since 2012, when it entered the municipal bond market.

State officials project having to withdraw $316 million from its budget reserve, or rainy-day fund, to balance its biennial budget. That would leave Connecticut with $90 million in that account, or 0.5% of its fiscal 2016 general fund expenditures, with no plans to replenish it.

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