Hartford’s bond rating drops again

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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.