Hartford’s bond rating drops again
HARTFORD — Standard & Poor’s is dropping the city’s credit rating once again this month.
It had already been downgraded to junk bond status, now it’s being lowered from “B-minus” another four notches to “CC” due to the likelihood of default.
“The downgrade to ‘CC’ reflects our opinion that a default, a distressed exchange, or redemption appears to be a virtual certainty,” said S&P Global Ratings credit analyst Victor Medeiros.
Hartford Mayor Luke Bronin warned lawmakers, the city could file for bankruptcy if it doesn’t get enough money from the state by November.