Fitch Ratings on Tuesday revised its outlook on its AA rating for Connecticut’s general obligation bonds to negative from stable, but the state’s budget director said he does not expect the change in outlook to increase borrowing costs.

“This is not a downgrade to the state’s ratings,” Office of Management and Budget Director Benjamin Barnes said in a statement. “Nonetheless, the state takes seriously changes in the outlook designation and views them as an opportunity to incorporate any guidance and criticisms in developing policy recommendations in the coming year.”

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