State of Connecticut

Connecticut transferred about $1.5 billion in excess budget reserves to its state employees' and teachers' pensions, said State Treasurer Erick Russell.

Fitch Ratings joined Moody's in upgrading Connecticut this week as the state prepares to sell $1.8 billion of general obligation bonds.

Analysts credited governance improvements Connecticut put in place in 2018, which have reduced the state's liabilities and improved its reserves. 

The budgeting constraints transformed the state's finances and bond ratings. But critics say the policy's downsides include the stifling of needed investments. 

Connecticut is poised to ramp up transportation borrowing, after years of consistently issuing less debt than it had the capacity and authority to sell.

Connecticut's GO deal is expected to benefit from its improving fiscal reputation, embodied in two rating outlook revisions to positive ahead of the pricing.

"The work done by our agency often focuses on the long-term," said Connecticut State Treasurer Erick Russell.

The $250 million of new money social bonds will finance public school construction projects, with another $190 million refunding debt issued to build schools.

The Bond Buyer's Deal of the Year awards will mark the 22nd year it has recognized outstanding achievement in municipal finance. The event, to be held Dec. 5 in New York City, will also include the presentation of the Freda Johnson Awards for Trailblazing Women in Public Finance.

"S&P recognizes the progress that has been made and that Connecticut is getting its mojo back," said Gov. Ned Lamont.

“The racial wealth gap is wide and growing and we need innovative policies like Baby Bonds to begin addressing it right away," says Shira Markoff of Prosperity Now.

Shawn Wooden has called for strengthening the Fed’s short term municipal lending program and enactment of a national baby bond program.

Richard Li is leaving the Milwaukee comptroller's office after nearly two decades to work on Connecticut's state debt issuance.

The Dormitory Authority of the State of New York overtook California for the most issuance, while New York issuers made up half of the top 10.

State Treasurer Shawn Wooden discusses the state's across-the-board bond rating upgrades, its immediate challenges and initiatives such as "CT Baby Bonds." Paul Burton hosts. (19 minutes)

Fitch Ratings, S&P Global Ratings and Kroll Bond Rating Agency all upgraded the Constitution State ahead of a $1 billion taxable and tax-exempt transaction set for Wednesday.

The forward-delivery bond, part of its $1 billion special tax obligation issuance, was a first for the state, Treasurer Shawn Wooden said.

The municipal market was steady Monday as the investors gear up for three separate billion-dollar deals heading to market from California, New York, and Connecticut issuers.

Transportation infrastructure, sustainability and affordable housing are in play in three different bond deals.

Greg Sullivan of Boston's Pioneer Institute explores the migration from Massachusetts and Connecticut to lower-tax states, and the ripple effects of a lawsuit regarding cross-state remote employees that could reach the U.S. Supreme Court. Paul Burton hosts. (13 minutes).