Connecticut Sells $1.44 Billion in GO Bonds After S&P Improves Rating Outlook
HARTFORD, Conn. — Connecticut State Treasurer Erick Russell announced on Oct. 9 the results of the state's successful $1.44 billion General Obligation bond offering, which drew total orders of $3.8 billion — roughly 3.5 times oversubscribed — including $770.7 million from Connecticut retail investors. The sale followed S&P Global's decision to improve the state's rating outlook from stable to positive.
The deal comprised $300 million of taxable new-money bonds, $800 million of tax-exempt new-money bonds and about $343 million of refunding bonds, with the refunding series set to save $19.8 million over nine years. New-money proceeds will fund school construction (about $379.7 million), affordable housing (about $153.6 million), infrastructure and public safety, environmental programs and economic development.
General obligation bonds are backed by the full faith and credit of the state and are its main tool for financing long-term capital projects. S&P said the outlook revision reflects Connecticut's commitment to reducing its unfunded pension liabilities while sustaining healthy reserves; stronger ratings generally lower borrowing costs for taxpayers.
(Source: Office of the Connecticut State Treasurer)
Source: Office of the Connecticut State Treasurer
Published by GSM · USA (original Chinese edition)
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