Hartford Receives Ratings Upgrade
Published on August 26, 2021
HARTFORD, CONN (August 26, 2021) – Today the City of Hartford announced that Moody’s Investors Service has upgraded the City’s long-term issuer rating from Ba3 to Ba2 and the outlook was upgraded from stable to positive. Moody’s said that the upgrade “reflects an improved financial position including an increase in general fund reserves and liquidity, as well as continued adherence to the city’s financial recovery plan.” Moody’s maintained the A1 rating on the City’s outstanding general obligation bonds.
“Only a few years ago, we confronted the biggest financial crisis in our city’s history head-on and honestly, and today’s upgrade by Moody’s represents another strong affirmation of the work we’ve done to put Hartford on stable footing,” said Mayor Luke Bronin. “We’re particularly gratified to see this upgrade come despite the challenges and disruption of the pandemic, and as we continue our recovery, our focus is on staying disciplined and aggressively pursuing economic development and growth to benefit all of our residents. I’m grateful to our budget and finance team and all of our employees for the vital role they’ve played in our financial recovery and the work they do every day to serve our community.”
“This is another solid step in the right direction for our city, and it is a reflection of our continued commitment to responsible fiscal stewardship during these very challenging times,” said City Treasurer Adam M. Cloud. “I want to thank our team for their hard work and dedication as we continue to keep Hartford on the right track.”