S&P Global Ratings Upgrades City of Hartford Two Notches
Published on November 22, 2021
HARTFORD, CONN (November 22, 2021) – Today, Mayor Luke Bronin announced that Hartford’s long-term issuer credit rating (ICR) has been raised two notches by S&P Global Ratings, to ‘BBB’ from ‘BB+’.
"Our team has been disciplined and careful, and we've stuck to our long-term fiscal plan," said Mayor Bronin. "This latest upgrade by S&P reflects how far we've come from the full-blown fiscal crisis our team inherited, and it's a validation of the work we've done to budget with rigor and transparency, and with a laser-like focus on Hartford's long-term strength."
“This upgrade represents the hard work and efforts of the City to continually push forward in making Hartford fiscally strong and responsible and should serve as a signal to the capital markets that Hartford is worthy of investment," said City of Hartford Treasurer Adam Cloud.
The S&P report highlights Hartford's "tight expenditure controls" and notes that "[t]he city’s performance and liquidity has improved measurably" since adopting its recovery plan in 2018. The report also states that "Hartford has done well navigating the economic challenges and operating disruptions posed by the pandemic and has stuck to its recovery plan."