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S&P GLOBAL RATINGS RAISES OUTLOOK ON HARTFORD

S&P GLOBAL RATINGS RAISES OUTLOOK ON HARTFORD

HARTFORD, CONN (July 9, 2019) – Last week Standard & Poor’s Global Ratings revised its outlook from stable to positive on the City of Hartford’s long-term issuer credit rating, as well as on the Hartford Stadium Authority’s bonds.  The report said that, “[t]he positive outlook reflects Hartford’s improving management environment and financial controls, which have yielded balanced operations and greater operating flexibility,” and it cited, “better budgeting, and better forecasting and planning,” as one reason for the revised outlook. 

“This ratings action is another affirmation of the hard work we have done over the last few years to tackle our fiscal crisis directly, honestly, and comprehensively,” said Mayor Luke Bronin.  “For the first time in a long time, we have a serious, transparent financial plan that gives us a foundation to build on as we work to promote growth across our city.”

This ratings action comes after Moody’s upgraded the City’s issuer ratings in March of this year based on a “stabilizing financial position and improved liquidity” thanks in part to “cost saving measures taken by the city through labor contract agreements and tight expenditure controls.” 

“The ratings action by Standards and Poor’s is confirmation that we are on the right track,” said Treasurer Adam M. Cloud.  “For me, it serves as motivation to keep doing the work on behalf of the Capital City and its residents that maintains the confidence in Hartford and its leadership team, including the Mayor, the Treasurer, and the City Council.”

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