Hartford’s Bond Rating Downgraded

(HARTFORD,Conn./CBS Connecticut)  -Moody’s Investors Service   has downgraded Hartford’s bond rating from Baa1 to Ba2.This comes after Standard and Poor’s  downgraded the city’s bond rating last month.

Moody’s  report on the downgrade reinforces statements made by Mayor Luke Bronin for months  that the city cannot cut or tax its way out of  a fiscal crisis .Moody’s says  it is unlikely the city will be able to address  its financial challenges on its own and, external assistance, either from the state or region will be needed.

Moody’s says  the city’s tax base will remain challenged  by modest growth, low wealth and income  levels and high unemployment.

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