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MAYOR BRONIN, TREASURER CLOUD RESPOND TO S&P UPGRADE

MAYOR BRONIN, TREASURER CLOUD RESPOND TO S&P UPGRADE

HARTFORD, CONN. (April 16, 2018) – Today Mayor Luke Bronin and Treasurer Adam Cloud released the statements below after S&P Global Ratings raised its rating on the City of Hartford’s general obligation bonds multiple notches, from “CCC” to “A” on Friday.  Two weeks ago, Moody’s Investors Service upgraded the rating on Hartford’s general obligation bonds thirteen notches, from “Caa3” to “A2.”

“The second dramatic ratings upgrade in two weeks is another signal of that the comprehensive approach to Hartford’s fiscal crisis, combining tough decisions at the local level with a new partnership with the State of Connecticut, is the right one,” said Mayor Bronin.  “We’ve made tens of millions of dollars of spending cuts, achieved $10 million in labor savings over the past year, engaged our business community, and pushed for a new, long-term partnership with the State of Connecticut — coupling long-term assistance with long-term accountability.  Working together to achieve solvency and stability, our focus will turn to the important work of securing true long-term sustainability and strength in the years ahead.”  

“The action taken Friday reflects the significance of the contract agreement that was executed and that without it, the city’s path toward fiscal stability would not be possible,” said Treasurer Cloud.  “I want to thank the legislature as well as the State Treasurer and Secretary Barnes for their steadfast commitment to ensuring that our Capital City remains solvent.”

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MAYOR BRONIN STATEMENT ON MOODY’S UPGRADE

MAYOR BRONIN STATEMENT ON MOODY’S UPGRADE

HARTFORD, CONN (April 5, 2018) – Mayor Luke Bronin issued the statement below after Moody’s Investors Service upgraded the rating on the City of Hartford's general obligation bonds thirteen notches, from Caa3 to A2.

“Today’s dramatic ratings upgrade underscores the importance of the comprehensive work we’ve done to put the City of Hartford on a sustainable path, through deep and difficult cuts, significant labor savings, the engagement of our business community, and through a new partnership with the State of Connecticut,” said Mayor Bronin.  “Over the past two years, we’ve made tens of millions of dollars in spending cuts, negotiated significant savings and structural changes with our labor unions, brought our big employers to the table, and worked with legislators of both parties to build a new partnership with the State, recognizing that half of Hartford’s property is non-taxable and that you cannot run a city on the tax base of a suburb.  The new partnership with the State of Connecticut was the last, essential piece of our effort to stabilize Hartford’s finances — in an honest, transparent, and comprehensive way. Maintaining future stability depends on continued discipline, continued partnership with the State, and most of all on achieving real economic growth in the years ahead.  But today, Moody’s responded to our collective efforts with an important and welcome vote of confidence.”

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HARTFORD CHURCHES TO RING BELLS IN HONOR OF DR. KING

HARTFORD CHURCHES TO RING BELLS IN HONOR OF DR. KING

HARTFORD, CONN (April 4, 2018) – In honor of Dr. Martin Luther King, Jr., six Hartford churches will ring their bells for one minute at 7:01 PM EST this evening, the approximate time Dr. King was shot on April 4, 1968.  Faith Congregational Church, Asylum Hill Congregational Church, Church of the Good Shepherd, St. Lawrence O’Toole Church, Emanuel Lutheran Church, and Trinity Episcopal Church will be participating.

“Fifty years after Dr. King’s death, his battles against poverty and segregation and for access to education, healthcare, and economic opportunity are still our battles, and they are as urgent today as they were then,” said Mayor Bronin.  “This isn’t just a day to honor a great American or to remember the fights of the past, it’s a day to rededicate ourselves to all the work we still have to do right now, right here.  The arc of the moral universe may bend toward justice, but only because brave leaders like Dr. King bend it – and only if we all lend our own hands to that work.”

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