Northeast

As the capital city's bonds plunged deeper into junk, Connecticut struggled to pass a state budget.

The state awaits word on how Gov. Tom Wolf will handle the situation as bond rating agencies continue to hover.

A planned overnight short-notice vote failed to materialize amid continued tweaks.

S&P Global Ratings cut its rating on Hartford, Conn.'s general obligation bonds by four notches to B-minus from BB and the rating on the Hartford Stadium Authority's lease revenue bonds by three notches to B-minus from BB-minus, the rating agency said on Thursday.

The organization New Jersey Policy Perspective issued the report.

Municipal Bond Club of New York members were urged to "continue preaching" the benefits as Congress debates tax reform.

The rating agency cautioned that rising pension costs and revenue restraints could pose challenges.

Longtime bond attorney Jeremy A. Spector has retired as executive director for the New Jersey Educational Facilities Authority after nearly two years leading the higher education conduit issuer through record volume.

New York City Mayor Bill de Blasio handily won the Democratic primary on Tuesday, beating his main rival Sal Albanese.

Continued lack of a budget will mean a spending freeze and further rating agency backlash.