CCM responds to Moody’s actions downgrading credit ratings of towns and cities as state budget impasse drags on
For immediate release
Monday, October, 16, 2017
Kevin Maloney, (203) 710-3486
The Connecticut Conference of Municipalities (CCM) today (Monday, October 16) said it was stunned by the new report released today by Moody’s Investor Service placing 26 communities and three school districts under review for a credit downgrade and assigning a negative outlook for the credit ratings for another 25 towns and cities.
Joe DeLong, CCM Executive Director, said in response: “Such action only serves to reinforce that while state legislative leaders claim to have been meeting in good faith to resolve the state budget impasse, the time for action on a state budget agreement is now.
The past nine months back to top
"This announcement highlights the past nine months of failures by the Governor and General Assemblyto enact a state budget," said DeLong. "These actions by Moody’s will have a devastating impact on nearly 60 communities across the state -- subjecting each of them to a credit downgrade that will increase their borrowing costs, potentially explode their property tax rates, and limit their ability to fund necessary municipal projects both in the short-term and long-term. Sadly this could have all been avoided.”